Apr. 13 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, $5,650. Apr. 5. Received cash from Mendez Co. for the balance owed on its account Apt. 6. Issued Invoice No. 794 to Pinecrest Co, 2,030. Issued Invoice No. 795 to Shito Co. $3,030. Post revenue and collections to the accounts receivable subsidiary ledper. Apr 15 Received cash from Pinecrest Co. for the balance owed on April 1. Apr 16 Issued Invoice No. 796 to Pinecrest Co, 56,330, 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 Apr. 20 Received cash from Pinecrest Co, for balance due on inwoice of April 6. Ape 22 Issued Invoice No. 797 to Mendes Co. 58,330 Received $2,300 note receivable in partial settlement or the balance due on the She Co. account. Apr 30 aceived cash from fees camned. 514,220 Post revenue and collections to the accounts receivable subsidiary fediper Required: 1. Insert the following balances in the general ledger as of Art 525.000 12 Accounts Receivable 15.40 TANLEY AD25 14 Notes Receivable 6,930 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 ledge, post in chronological order. However, if there is more than one entry on the same date, be sure to post transactions from the reverse Journal before posting transactions from the cash receipts Journal If an amount box does not require an entry, leave it blank. In CNOW, Joumat pages begin with "Cash Receipts begin with CR and Hevenue Journal begins with "R".For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply 1, R. 36, and H40. GENERAL LEDGER Date Item Post. Ret Debit Credit Balance Dr. Balance Cr. Account Cash 11 |Apr. Balance 133,000 Account Accounts Receivable 12 |Apr Balance Account Notes Receivable 14 Apr. 1 Balance Account Fees Eamed 41 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: Mender Co 59,160 Ohr Co. Pinecrest Co 6,780 Shilo Co After completing the recording of the transactions in the journals in part 3, post to the accounts receivable vurdury ledger in chronological order and insert the ances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording cash recipe, 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 suma bogins went. Per example Journal Care Receipts/ Revenue Journal, page 1/30/40 respectively. POST. REF. is simply 3,006, and R40. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Date Item Post. Ref. Debit Credit Balance Account Mendez co Account: Mendez Co. Apr 1 Balance 55 Account: Ohr Co. Account Pinecrest Co Apr1 Balance Account Shilo Co. 3. Prepare a single-column revenue journal (p. 40) and a cash receipts joumal (n. 36). Use the following column headings for the cash receipts journal: Fees Earned C Accounts Receivable Cr, and Cash Dr. The Fees Earned column is used to record cash fees 4. Using the two special Journals and the two-column general foumal (p. 1), joumalize the transactions for April. Post to the accounts receivable subsidiary ledger, and Insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording cash receipt 5. Total each of the columns of the special joumals and post the individual entries and totals to the general ledger Inpert account balances after the last posting. If an amount box does not require an entry, leave it blank REVENUE JOURNAL Date Invoice No. Account Debited PAGE 40 Accounts Rec. Dr. Fees Earned Cr. Post. Ref. PAGE 36 CASH RECEIPTS JOURNAL Post Fees Earned Account Credited Date Cash Dr Acct. Rec. CH CASH RECEIPTS JOURNAL PAGE 36 Date Account Credited Post. Fees Earned Accts. Rec. Cr. Ref. Cr. Cash Dr. JOURNAL Date PAGE 1 Description Post. Ref. Debit Credit 6. What is the sum of the customer balances? Does the sum of the customer balances agree with the accounts receivable controlling account in the general ledger? 7. Would an automated system omit postings to a controlling account as performed in part (5) for Accounts Receivable