Question

Posting a Revenue Journal The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling...

  1. Posting a Revenue Journal

    The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of $990 consisting of an amount due from Aladdin Co. There were no collections during July.

    REVENUE JOURNAL Page 12

    Date    		 Invoice
    No.
    Account Debited    		 Post.
    Ref.    		 Accounts Rec. Dr.
    Fees Earned Cr.
    20Y2
    July 4 355 Clearmark Co. 2,405
    July 9 356 Life Star Inc. 3,970
    July 18 357 Aladdin Co. 1,830
    July 22 359 Clearmark Co. 3,255
    July 31 11,460

    The T accounts for the accounts receivable customer accounts are set up below.

    a. Post the transactions from the revenue journal to the customer accounts and determine their ending balances.

    Aladdin Co.
    July 1 Bal.
    July 18
    31 Bal.
    Clearmark Co.
    31 Bal.
    Life Star Inc.
    31 Bal.

    b. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts, and determine the ending balances.

    Accounts Receivable
    31 Bal.
    Fees Earned
    31 Bal.

    c. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance.

    Sapling Consulting Inc.
    Accounts Receivable Customers Balances
    July 31, 20Y2
    Aladdin Co. $
    Clearmark Co.
    Life Star Inc.
    Total accounts receivable $

    Feedback

    d. All of the following are typical of a computerized system EXCEPT:

    Feedback

Check My Work2 more Check My Work uses remaining.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

a.

Aladdin Co.
July 1 Bal       990.00
Jul-18    1,830.00
Bal    2,820.00   
Clearmark Co.
Jul-04    2,405.00
Jul-22    3,255.00
Bal    5,660.00      
Life Star Inc.
Jul-09    3,970.00
Bal    3,970.00   

b.

Accounts Receivable
July 1 Bal          990.00
Jul-31    11,460.00
Bal    12,450.00      
Fees Earned
Jul-31    11,460.00
Bal    11,460.00

c.

Sapling Consulting Inc.
Accounts Receivable Customers Balances
July 31, 20Y2
Aladdin Co.          2,820.00
Clearmark Co.          5,660.00
Life Star Inc.          3,970.00
Total accounts receivable       12,450.00

d.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Accounts Receivable Ledger The following revenue journal is for Bowman Cleaners Inc. Assume that the beginning...
Accounts Receivable Ledger The following revenue journal is for Bowman Cleaners Inc. Assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a $735 beginning balance. In addition, there were no collections during the period. REVENUE JOURNAL Date Invoice No. Account Debited Post. Ref. Accounts Rec. Dr. Fees Earned Cr. 20Y3 May 1 112 Hazmat Safety Co. $3,640 May 10 113 Masco Co. 1,360 May 20 114 Alpha GenCorp 2,220 May 27 115...
Accounts Receivable Ledger The following revenue journal is for Bowman Cleaners Inc., assume that the beginning...
Accounts Receivable Ledger The following revenue journal is for Bowman Cleaners Inc., assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a $735 beginning balance. In addition, there were no collections during the period. REVENUE JOURNAL Date Invoice No. Account Debited Post. Ref. Accounts Rec. Dr. Fees Earned Cr. 20Y3 May 1 112 Hazmat Safety Co. (a) $3,640 May 10 113 Masco Co. (b) 1,360 May 20 114 Alpha GenCorp (c) 2,220...
Prepare Journal Entries in a Revenue Journal Horizon Consulting Company had the following transactions during the...
Prepare Journal Entries in a Revenue Journal Horizon Consulting Company had the following transactions during the month of October: Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $450. Oct. 3. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $630. Oct. 14. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $230. Oct. 24. Issued Invoice No. 324 to Rose Co. for services rendered on account, $940. Oct....
Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office...
Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense. Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. Oct. 1. Paid rent for the month, $3,100. 3. Paid advertising expense, $2,000. 5. Paid cash...
Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office...
Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense. Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. Oct. 1. Paid rent for the month, $3,100. 3. Paid advertising expense, $2,000. 5. Paid cash...
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March...
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Mar. 2. Issued Invoice No. 512 to Santorini Co., $1,145. Mar. 4. Received cash from CMI Inc., on account, for $285. Mar. 8. Issued Invoice No. 513 to Gabriel Co., $400. Mar. 12. Issued Invoice No. 514 to Yarnell Inc., $1,010. Mar. 19. Received cash from Yarnell Inc., on account, $765. Mar. 20. Issued Invoice No. 515 to Electronic Central...
Post the entries in the general journal below to the Accounts Receivable account in the general...
Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company. Assume the following account balances at January 1, 2019: Accounts Receivable (control account) $ 7,440 Accounts Receivable—John Gibrone 4,400 Accounts Receivable—Jim Garcia 2,060 Accounts Receivable—June Lin 980    GENERAL JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 2019 Jan. 8 Cash 440 Accounts Receivable/John Gibrone 440 Received partial payment on account...
Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO...
Exercise 3-22A Recording events in the general journal, posting to T-accounts, and preparing closing entries LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below.] At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 28,000 Accounts receivable 25,000 Accounts payable 11,300 Common stock 26,900 Retained earnings 14,800 The following events apply to Oak Consulting for Year 2: Provided $69,000 of services on account. Incurred $2,900...
Exercise 7-12 Posting to subsidiary ledger accounts; preparing a schedule of accounts receivable LO P1 At...
Exercise 7-12 Posting to subsidiary ledger accounts; preparing a schedule of accounts receivable LO P1 At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $16,806.    Date Account Debited Invoice Number PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. May 6 Aaron Reckers 190 4,880 3,709 10 Sara Reed 191 3,940 3,251 17 Anna Page 192 1,753 1,031 25 Sara Reed 193...
Accounts Payable Subsidiary Ledger The cash payments and purchases journal for Outdoor Artisan Landscaping follow. The...
Accounts Payable Subsidiary Ledger The cash payments and purchases journal for Outdoor Artisan Landscaping follow. The accounts payable control account has a June 1, 20Y1, balance of $5,590, consisting of an amount owed to Augusta Sod Co. CASH PAYMENTS JOURNAL Page 31 Date Ck. No. Account Debited Post Ref. Other Accounts Dr. Accounts Payable Dr. Cash Cr. 20Y1 June 4 203 Augusta Sod Co. √ 5,590 5,590 5 204 Utilities Expense 54 730 730 15 205 Home Centers Lumber Co....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT