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.

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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