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Sagot :
Sure, let's break down the solution step by step for each transaction and then prepare the journal entries. After that, we'll post these entries to the relevant T accounts.
### Part (a): Journalizing Transactions
1. Billed customers for fees earned, \[tex]$112,700: - Debit: Accounts Receivable - Credit: Fees Earned 2. Purchased supplies on account, \$[/tex]4,500:
- Debit: Supplies
- Credit: Accounts Payable
3. Received cash from customers on account, \[tex]$88,220: - Debit: Cash - Credit: Accounts Receivable 4. Paid creditors on account, \$[/tex]3,100:
- Debit: Accounts Payable
- Credit: Cash
### Journal Entries
1. | Date | Account | Debit | Credit |
|------------|-----------------------|-------------|-------------|
| (1) | Accounts Receivable | \[tex]$112,700 | | | | Fees Earned | | \$[/tex]112,700 |
2. | Date | Account | Debit | Credit |
|------------|-----------------------|-------------|-------------|
| (2) | Supplies | \[tex]$4,500 | | | | Accounts Payable | | \$[/tex]4,500 |
3. | Date | Account | Debit | Credit |
|------------|-----------------------|-------------|-------------|
| (3) | Cash | \[tex]$88,220 | | | | Accounts Receivable | | \$[/tex]88,220 |
4. | Date | Account | Debit | Credit |
|------------|-----------------------|-------------|-------------|
| (4) | Accounts Payable | \[tex]$3,100 | | | | Cash | | \$[/tex]3,100 |
### Part (b): Posting to T Accounts
Let's now post these journal entries to the T accounts.
1. Cash:
- (3) Debit \[tex]$88,220 - (4) Credit \$[/tex]3,100
```
Cash
------------
Debit | Credit
88,220 | 3,100
(3) | (4)
```
2. Supplies:
- (2) Debit \[tex]$4,500 ``` Supplies ------------ Debit | Credit 4,500 | (2) | ``` 3. Accounts Receivable: - (1) Debit \$[/tex]112,700
- (3) Credit \[tex]$88,220 ``` Accounts Receivable ------------ Debit | Credit 112,700 | 88,220 (1) | (3) ``` 4. Accounts Payable: - (4) Debit \$[/tex]3,100
- (2) Credit \[tex]$4,500 ``` Accounts Payable ------------ Debit | Credit 3,100 | 4,500 (4) | (2) ``` 5. Fees Earned: - (1) Credit \$[/tex]112,700
```
Fees Earned
------------
Debit | Credit
|112,700
| (1)
```
### Summary
These entries ensure that each transaction's effects on the financial statements are properly recorded. The journal entries correctly capture the debits and credits, while the T accounts show how these entries affect the specific accounts over time.
### Part (a): Journalizing Transactions
1. Billed customers for fees earned, \[tex]$112,700: - Debit: Accounts Receivable - Credit: Fees Earned 2. Purchased supplies on account, \$[/tex]4,500:
- Debit: Supplies
- Credit: Accounts Payable
3. Received cash from customers on account, \[tex]$88,220: - Debit: Cash - Credit: Accounts Receivable 4. Paid creditors on account, \$[/tex]3,100:
- Debit: Accounts Payable
- Credit: Cash
### Journal Entries
1. | Date | Account | Debit | Credit |
|------------|-----------------------|-------------|-------------|
| (1) | Accounts Receivable | \[tex]$112,700 | | | | Fees Earned | | \$[/tex]112,700 |
2. | Date | Account | Debit | Credit |
|------------|-----------------------|-------------|-------------|
| (2) | Supplies | \[tex]$4,500 | | | | Accounts Payable | | \$[/tex]4,500 |
3. | Date | Account | Debit | Credit |
|------------|-----------------------|-------------|-------------|
| (3) | Cash | \[tex]$88,220 | | | | Accounts Receivable | | \$[/tex]88,220 |
4. | Date | Account | Debit | Credit |
|------------|-----------------------|-------------|-------------|
| (4) | Accounts Payable | \[tex]$3,100 | | | | Cash | | \$[/tex]3,100 |
### Part (b): Posting to T Accounts
Let's now post these journal entries to the T accounts.
1. Cash:
- (3) Debit \[tex]$88,220 - (4) Credit \$[/tex]3,100
```
Cash
------------
Debit | Credit
88,220 | 3,100
(3) | (4)
```
2. Supplies:
- (2) Debit \[tex]$4,500 ``` Supplies ------------ Debit | Credit 4,500 | (2) | ``` 3. Accounts Receivable: - (1) Debit \$[/tex]112,700
- (3) Credit \[tex]$88,220 ``` Accounts Receivable ------------ Debit | Credit 112,700 | 88,220 (1) | (3) ``` 4. Accounts Payable: - (4) Debit \$[/tex]3,100
- (2) Credit \[tex]$4,500 ``` Accounts Payable ------------ Debit | Credit 3,100 | 4,500 (4) | (2) ``` 5. Fees Earned: - (1) Credit \$[/tex]112,700
```
Fees Earned
------------
Debit | Credit
|112,700
| (1)
```
### Summary
These entries ensure that each transaction's effects on the financial statements are properly recorded. The journal entries correctly capture the debits and credits, while the T accounts show how these entries affect the specific accounts over time.
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