eBook Show Me How Calculator Transactions and T Accounts The following selected
ID: 2336203 • Letter: E
Question
eBook Show Me How Calculator Transactions and T Accounts The following selected transactions were completed during August of the current year: 1. Billed customers for fees earned, $73,900. 2. Purchased supplies on account, $1,960. 3. Received cash from customers on account, $62,770 4. Paid creditors on account, $820. a. Journalize these transactions in a two-column journal. (1) Cash x Check My Work a. identify the type of accounts affected in each transaction. Determine whether the account increases or credit. Remember total debits should equal total credits in your entries. b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Receivab Check My Work All work savedExplanation / Answer
Answers
Transaction no
Accounts title
Debit
Credit
1
Accounts receivables
$ 73,900.00
Fees earned
$ 73,900.00
(Amount of earned revenue billed)
2
Supplies
$ 1,960.00
Accounts Payable
$ 1,960.00
(Supplies purchased on account)
3
Cash
$ 62,770.00
Accounts receivables
$ 62,770.00
(Cash received from customer billed earlier)
4
Accounts Payable
$ 820.00
Cash
$ 820.00
(Cash paid to creditors that were due)
Cash
3
$ 62,770.00
4
$ 820.00
Accounts receivables
1
$ 73,900.00
3
$ 62,770.00
Accounts Payable
4
$ 820.00
2
$ 1,960.00
Supplies
2
$ 1,960.00
Fees earned
1
$ 73,900.00
Transaction no
Accounts title
Debit
Credit
1
Accounts receivables
$ 73,900.00
Fees earned
$ 73,900.00
(Amount of earned revenue billed)
2
Supplies
$ 1,960.00
Accounts Payable
$ 1,960.00
(Supplies purchased on account)
3
Cash
$ 62,770.00
Accounts receivables
$ 62,770.00
(Cash received from customer billed earlier)
4
Accounts Payable
$ 820.00
Cash
$ 820.00
(Cash paid to creditors that were due)
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