Classroom Assigment

I. The following selected transactions were completed during February of the current year:
1. Billed customers for fees earned, $ 41,730.
2. Purchased supplies on account, $ 1,800.
3.Received cash from customers on account, $ 39,150.
4. Paid creditors on account, $ 1,100.

a. Journalize the above transactions in a two- column journal, using the appropriate number toidentify the transactions. Journal entry explanations may be omitted.

(1) Accounts Receivable......................................... 41,730
Fees Earned............................................. 41,730
(2) Supplies ............................................................... 1,800
Accounts Payable................................... 1,800
(3) Cash..................................................................... 39,150
Accounts Receivable .............................. 39,150
(4) AccountsPayable.............................................. 1,100
Cash ......................................................... 1,100

b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies,Accounts Receivable, Accounts Payable, and Fees Earned. To the left of each amount posted in the accounts, place the appropriate number to identify the transactions.

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II. The amounts of theassets and liabilities of Heavenly Travel Service at April 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Jennifer Burch, owner, was$45,540 at May 1, 2009, the beginning of the current year, and the owner withdrew $25,000 during the current year.

Accounts payable $ 14,600 Supplies $ 6,800
Accounts receivable 78,000Supplies expense 13,200
Cash 159,200 Taxes expense 10,250
Fees earned 600,000 Utilities expense 49,150
Miscellaneous expense 5,000 Wages expense 232,640
Rent expense...