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romanna [79]
3 years ago
12

Study the following transactions . Journalize the transactions in a two-column journal, using the appropriate number to identify

the transactions.
1. Billed customers for fees earned, $55,330.
2. Purchased supplies on account, $2,380.
3. Received cash from customers on account, $52,010.
4. Paid creditors on account, $1,440.
Business
1 answer:
marysya [2.9K]3 years ago
5 0

Answer:

Explanation:

The journal entries are given below:

1. Account receivable A/c Dr $55,330

              To Fees earned $55,330

(Being the fees earned is recorded)

2. Supplies A/c Dr $2,380

        To Account payable A/c $2,380

(Being the supplies is purchased on account)

3. Cash A/c Dr $52,010

          To Account receivable A/c $52,010

(Being the cash is received from customers)

4. Account payable A/c Dr $1,440

         To Cash A/c $1,440

(Being cash is paid to creditors on account)

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Cool Beans is a locally owned coffeeshop that competes with two large coffee chains, PlanetEuro and Frothies. Alicia, the owner,
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