Record the following selected transactions for January in a two-column journal. Once you have completed that, answer questions 1 - 5 related to your work.

(a) Earned $7,000 fees; customer will pay later.

(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit

(c) Paid $3,000 for rent for January.

(d) Purchased $2,500 of supplies on account.

(e) A. Allen $1,000 investment in the company.

(f) Received $7,000 in cash for fees earned previously.

(g) Paid $1,200 to creditors on account.

(h) Paid wages of $6,250.

(i) Received $7,150 from customers on account.

(j) A. Allen withdrawal of $1,750.

3. For part (a), which two accounts are affected?

A. Accounts receivable and fees earned

B. Supplies and accounts payable

C. Cash and accounts receivable

D. Rent expense and cash

Question

Business

Shyann Sparks

10 February, 13:29

Record the following selected transactions for January in a two-column journal. Once you have completed that, answer questions 1 - 5 related to your work.

(a) Earned $7,000 fees; customer will pay later.

(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit

(c) Paid $3,000 for rent for January.

(d) Purchased $2,500 of supplies on account.

(e) A. Allen $1,000 investment in the company.

(f) Received $7,000 in cash for fees earned previously.

(g) Paid $1,200 to creditors on account.

(h) Paid wages of $6,250.

(i) Received $7,150 from customers on account.

(j) A. Allen withdrawal of $1,750.

3. For part (a), which two accounts are affected?

A. Accounts receivable and fees earned

B. Supplies and accounts payable

C. Cash and accounts receivable

D. Rent expense and cash

+4

Answers (1)

Know the Answer?

Jayleen Black · Answer 1

the right answer is A; Accounts receivable and fees earned

Explanation:

the fees belong to a sub-account that is part of the group of debtors and are active class, which means that the dynamics of this sub-account will be debited.

because it is a pending value to collect.