Gaylord Services Company had the following transactions during the month of May: May 2. Issued Invoice No.

Question:

Gaylord Services Company had the following transactions during the month of May:
May 2. Issued Invoice No. 201 to Townley Corp. for services rendered on account, $320.
3. Issued Invoice No. 202 to Mid States Inc. for services rendered on account, $450.
12. Issued Invoice No. 203 to Townley Corp. for services rendered on account, $165.
24. Issued Invoice No. 204 to Parker Co. for services rendered on account, $665.
28. Collected Invoice No. 201 from Townley Corp.
a. Prepare a revenue journal with the following headings to record the May revenue transactions for Gaylord Services Company.

b. What is the total amount posted to the accounts receivable control and fees earned accounts from the revenue journal for May?
c. What is the May 31 balance of the Townley Corp. customer account assuming a zero balance on May1?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...