Ch 5 Pr 2: Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers. Transactions related to revenue amd cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: (Stuck and struggling on problem)

Apr. 6. 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., $6,490. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Issued Invoice No. 794 to Pinecrest Co., $2,340. Apr. 13 Issued Invoice No. 795 to Shilo Co., $3,480. 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., $7,280. Post revenue and collections to the accounts receivable subsidiary ledger. Received cash from Ohr Co. for the balance due on invoice of April 2. Received cash from Pinecrest Co. Por balance due on invoice of April 6. Apr. 22 Issued Invoice No. 797 to Mendez Co., $9,580. Received $2,650 note receivable in partial settlement of the balance due on the Shilo Co account. Received cash from fees earned, $16,350 Post revenue and collections to the accounts receivable subsidiary ledger. Required: > Apr. 19 Apr. 20. Apr. 25 Apr. 30 1. Insert the following balances in the general ledger as of April 1: 11 Cash $14,880 12 Accounts Receivable 18,130 14 Notes Receivable 7.890 Required 1. Insert the following balances in the general ledger as of April 1: 11 Cash $14,880 12 Accounts Receivable 18,130 14 Notes Receivable 7.890 41 Fees Earned After completing the recording of the transactions in the journals in part 3, total each of the counts 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 chorological 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 'Cash Receipts begin with CR and Cash Recipes begins with for example jumal/Cash Recent Cash Recets, page 1/36/40 respectively. POST. REF. is simply 1, CR36, and R40 GENERAL LEDGER Post Date Item Debat Credit Balance Dr. Rer. Balance Account Cash #11 Apr. 1 Balance 11,350 Apr. 30 11 16,350 0 27,700 Account Accounts Receivable 12 | Apr Balance 18,130 Post. Date Item Debit Credit Balance Dr. Balance Cr. Ref. Account: Cash # 11 |Apr. 1 Balance 0 0 11,350 0 Apr. 30 11 16,350 0 27,700 0 Account: Accounts Receivable # 12 Apr. 1 Balance 0 0 18,130 o Apr. 27 12 0 0 0 0 Apr. 28 12 0 0 0 0 Apr. 30 12 0 0 0 0 Account: Notes Receivable # 14 Apr. 1 Balance 0 0 7,890 0 Apr. 25 14 0 0 0 0 Account: Fees Earned # 41 Apr. 30 41 0 0 0 0 Apr. 30 0 0 0 0 0 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1 Mendez Co $10,420 Ohr Co. Pinecrest Co. 7,710 SN 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. 1 an amount box does not require an entry, leave it blank. In CNOW, Soumal 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. RER is simply 31, CR36, and R40. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Date Item Post. Ref Debit Credit Balance Accounti Mender Co. |Apr. 1 Balance 0 10,420 Apr. 5 11 0 0 10,420 o Apr. 22 12 9,580 9,580 Account: Ohr Co Apr. 2 12 0 0 6,490 Apr. 19 11 0 6,490 Account Pinecrest Co. 6,490 Account: Pinecrest Co. Balance 7,710 Apr. 6 12 2,340 0 10,050 Apr. 15 11 0 7,710 2,340 Apr. 16 12 7,280 0 9,620 11 Apr. 20 Account Shi Co 2,340 7,280 Apr. 13 12 3,480 0 Apr. 25 3,480 830 2,650 3. Prepare a single-column revenue journal (40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal Tees Earned C, Accounts Receivable, and Cash De The Fees Earned column is used to record cash fees 4. Using the two special journals and the two-column general journal ( 1). Journalize the transactions for ori. 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 s. Totalcach of the columns of the special journals and post the individual entries and total to the general ledger Insert account balances after the last posting If an amount box does not require an entry, leave it bank REVENUE JOURNAL PAGE 40 Accounts Rec. Dr. Date Invoice No Account Debited Post. Ref. Fees Earned Cr REVENUE JOURNAL PAGE 40 Date Invoice No. Account Debited Post. Ref. Accounts Rec. Dr. Fees Earned Cr. Apr. 2 793 Ohr Co. 6,490 Apr. 6 794 Pinecrest Co. 2,340 Apr. 13 795 Shilo Co. 3,480 Apr. 16 796 Pinecrest Co. 7,280 Apr. 22 797 Mendez Co. 9,580 Apr. 30 29,170 29,170 19,170) CASH RECEIPTS JOURNAL PAGE 36 Date Account Credited Post. Ref. Fees Earned Cr. Accts. Rec. Cr. Cash Dr. Apr. 5 Mendez Co. 10,420 10,420 Apr. 15 Pinecrest Co. Apr. 19 Ohr Co. Apr. 20 Pinecrest Co. Apr. 30 Fees Earned 16,350 16,350 Apr. 30 16,350 10,420 26,770 Apr. 5 Mendez Co. 10,420 10,420 Apr. 15 Pinecrest Co. Apr. 19 Ohr Co. Apr. 20 Pinecrest Co. Apr. 30 Fees Earned 16,350 16,350 Apr. 30 16,350 10,420 26,770 16,350) 10,420) 26,770) JOURNAL PAGE 1 Date Description Post. Ref. Debit Credit Apr. 25 Notes Receivable 14 2,650 Accounts Receivable-Shilo Co. 12 2,650 6. What is the sum of the customer balances? 17,690 Does the sum of the customer balances agree with the accounts receivable controlling account in the general ledger? Yes 7. Would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable? Yes