owed on April 1 Apr. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and collections to the accounts receivable subsidiary ledger. Apr. 19. Received cash from Ohr Co. for the balance due on invoice of April 2 Apr. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6 Apr. 22. Issued Invoice No. 797 to Mendez Co., $7,470. Apr. 25. Received $3,200 note receivable in partial settlement of the balance due on the Shilo Co. account. Apr. 30. Received cash from fees earned, $12,890. Post revenue and collections to the
owed on April 1 Apr. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and collections to the accounts receivable subsidiary ledger. Apr. 19. Received cash from Ohr Co. for the balance due on invoice of April 2 Apr. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6 Apr. 22. Issued Invoice No. 797 to Mendez Co., $7,470. Apr. 25. Received $3,200 note receivable in partial settlement of the balance due on the Shilo Co. account. Apr. 30. Received cash from fees earned, $12,890. Post revenue and collections to the
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 9E: Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of...
Related questions
Question
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers
Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows:
Apr. 2.
Issued Invoice No. 793 to Ohr Co., $4,680.
Apr. 5.
Received cash from Mendez Co. for the balance owed on its account.
Apr. 6.
Issued Invoice No. 794 to Pinecrest Co., $1,990.
Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450.
Post revenue and collections to the accounts receivable subsidiary ledger.
Apr. 15.
Received cash from Pinecrest Co. for the balance owed on April 1
Apr. 16.
Issued Invoice No. 796 to Pinecrest Co., $5,500.
Post revenue and collections to the accounts receivable subsidiary ledger.
Apr. 19.
Received cash from Ohr Co. for the balance due on invoice of April 2
Apr. 20.
Received cash from Pinecrest Co. for balance due on invoice of April 6
Apr. 22.
Issued Invoice No. 797 to Mendez Co., $7,470.
Apr. 25. Received $3,200 note receivable in partial settlement of the balance due on the Shilo Co. account.
Apr. 30. Received cash from fees earned, $12,890.
Post revenue and collections to the accounts receivable subsidiary ledger.
Required:
1. Insert the following balances in the general ledger as of April 1:
11 Cash
$11,350
12 Accounts Receivable
14.830
14 Notes Receivable
6,000
41 Fees Earned
After completing the recording of the transactions in the journals in part 3, total each of the columns of the special journals, and post the
individual entries and totals to the general ledger. Insert account balances after the last posting. When posting to the general ledger, post
in chronological order. However, if there is more than one entry on the same date, be sure to post transactions from the revenue journal
before posting transactions from the cash receipts journal.
If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with "J", Cash Receipts begin with "CR" and
Revenue Journal begins with "R". For example journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply
J1, CR36, and R40.
What is the sum of the customer balance???
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage