The following selected transactions were completed during August of the current year:
1....
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Mathematics, 14.02.2020 19:03 naomicervero
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, using the appropriate number to identify the transactions. Journal entry explanations may be omitted.
b. Post the entries prepared in to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, place the appropriate number to identify the transactions. #c. Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?
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