Apr. 6. 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. $7,050. Apr. 5. Received cash from Mendez Co, for the balance owed on its account. Issued Invoice No. 794 to Pinecrest Co., $2,540. Issued Invoice No: 795 to Shilo Co., $3,780. 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., $7,900, 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 Recelved cash from Pinecrest Co. for balance due on invoice of April 6. Apr 22 Issued Invoice No. 797 to Mendez co $10,400. Received $2,880 note receivable in partial settlement of the balance due on the Shilo co, account Received cash from fees earned, $17.750 Post revenue and collections to the accounts receivable subsidiary ledger Apr. 25 ADG 30 Required: 1. Insert the following balances in the general ledger as of April 1: 11 Cash $15,800 12 Accounts Receivable 19,240 14 Notes Receivable 8,370 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 Casli receipts joumal. If an amount box does not require an entry, leave it blank. In CNow, Journal pages begin with Cash Receipts begin with "CR" and Cash Receipts begins with R. For example journal Cash Receipts/ Cash Receipts, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40. GENERAL LEDGER Post. Date Item Debit Credit Balance Dr. Balance Cr. Ref. Account: Cash # 11 Apr. 1 Balance Account: Accounts Receivable #12 Apr1 Balance Account: Notes Receivable #14 Apr. 1 Balance II Account: Fees Eamed # 41 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: Mendez Co. $11,060 Ohr Co. Pinecrest Co 8,180 Shilo Co. After completing the recording of the transactions in the journals in part 3, post to the accounts receivable subsidiary ledger in chronological order, and Insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording a cash receipt. If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with Cash Receipts begin with "CR" and Cash Receipts begins with R. For example journal/ Cash Receipts/ Cash Receipts, page 1/36/40 respectively. POST, REE is simply 1. CR36, and R40 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Item Debit Post. Ref. Date Credit Balance Account: Mendez Co. Balance Apr. 1 III MI Account: Ohr Co. III. III Account: Pinecrest Co. Apr. 1 Balance III ll HII Account: Shilo Co. BEBE 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Eamed 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 fournal (D. 1), journalize 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 a cash receipt. 5. 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 If an amount box does not require an entry, leave it blank. REVENUE JOURNAL PAGE 40 Accounts Rec. Dr. Date Invoice No. Account Debited Post. Ref. Fees Earned Cr. M OL CASH RECEIPTS JOURNAL PAGE 36 Post. Fees Earned Date Account Credited Accts. Rec. Cr. Cash Dr. Ref. Cr. 10i JOURNAL PAGE 1 Date 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 step 5 for Accounts Receivable
