Chapter 5 Application (ex: 05-02algo)

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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. $7,170 Apr. S. Received cash from Mendez Co. for the balance owed on its account, Apr 6, issued Invoice No. 794 to Pinecrest Co., $2,580. Apr. 13 Issued Invoice No. 795 to Shilo Co $3,850 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., $8,040, Post revenue and collections to the accounts receivable subsidiary ledger Received cash from Ohr Co. for the balance due on invoice of April 2 Apr 19 Apr. 20 Apr 22 Apr. 25. Received cash from Pinecrest Co. for balance due on invoice of April 6. Issued Invoice No. 797 to Mendez Co., 510,590 Received 52,930 note receivable in partial settlement of the balance due on the Shiloco, account: Received cash from fees earned, $18,020, Post revenue and collections to the accounts recevable subsidiary ledger Apr. 30 Required: 1. Insert the following balances in the general ledger as of April 1 11 Cash $16,260 Required: 1. risert the following balances in the general ledger as of April 11 Cash $10,260 12 Accounts Receivable 19,800 14 Notes Receivable 8,620 41 Fees Earned After completing the recording of the transactions in the journal in part 3, total each of the columns of the special journals, and post the individual entries and totals to the general ledger Imert account balances after the last posting. When posting to the general ledger post in chronological order. However, 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 Blon out bok does not require an entry, leave it blank. In Cow, Joumal pages begin with 93 Cash Receipts begin with TCR and Cash Receipts begins with for exemple Journal Cach Receipts/Cash Recelts page 1/36/40 respectively. POST Rimply 1. CR36, and R40 GENERAL LEDGER Date Item Post Itel Debit Credit Balance Dv aland Account Cash 11 ADO Account Account R12 Account Accounts Receivable 12 Apra Balance Account Notes Receivable + 14 Apr1 Balance Accounts fers Ewmed 41 Alpha-amer input field 2. Imert the following balances in the accounts receivable subsidiary ledot w of April 1: Mendez co 511,380 Ohr Co Pinecrest Co 3.920 Pinecrest Co 8,420 Shdaco Miter completing the recording of the transactions in the journal input, post to the accounts receivable subsidiary bedoet in chronological ide, and insert the balance at the points indicated in the ove of transactions, Determine the balance in the customer's account before recording a cathracept. If an amount box does not require an entry leave it back in NOW, Journal pages begin with Cash Ieceipts begin with creand Cash Recipes begins with Rt for example oumali Cash Recipts/Cash Rens, page 1/36/40 respectively. POSTRE, 11, 13, and RA ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Date Item Post. Rel. Debit Credit Balance Mount Mendero NE Account Checo Account nec Check My Work Previous Next | Ape i Balance Account Shiloc 3. Prepare a single column revenue journal (40) and a chrecepts journal ( 36). Use the following column Headings for the concepts journal Tees Eamed Acts Hecevable, and is the fees are con un to record cash fees 4. Using the two specialitate and the column general (1). Jumle the transaction for April. Pust to the accounts receivable buty ledger and in the aces at the points indicated in the native of transactions Determine the balance in the customer account before recording the recept 5. Total each of the columns of the special als and out the individual entries and totals to the general der Insert account balance at the last posting In ut box does not require an entry leave it bank REVENUL JOURNAL PAGE 10 Account Recor Date The voice No Account Debited Post Rel. med Check My Work Previous Next > eBook Show Me How Invoice No. Account Debited Post. Ref. Date Fees Earned Cr. Apr. 2 Apr. 6 Apr. 13 Apr. 16 Apr. 22 Apr. 30 PAGE 36 CASH RECEIPTS JOURNAL Post. Fees Earned Account Credited Ref. Cr. Accts. Rec. Cr. Cash Dr. Date Check My Work All work saved. eBook B Show Me How JOURNAL PAGE 1 Date Description Post. Rel. Debit Credit 6. What is the sum of the customer balances? Does the sum of the customer balances agree with the accounts receivable controlling accoulit 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 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. $7,170 Apr. S. Received cash from Mendez Co. for the balance owed on its account, Apr 6, issued Invoice No. 794 to Pinecrest Co., $2,580. Apr. 13 Issued Invoice No. 795 to Shilo Co $3,850 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., $8,040, Post revenue and collections to the accounts receivable subsidiary ledger Received cash from Ohr Co. for the balance due on invoice of April 2 Apr 19 Apr. 20 Apr 22 Apr. 25. Received cash from Pinecrest Co. for balance due on invoice of April 6. Issued Invoice No. 797 to Mendez Co., 510,590 Received 52,930 note receivable in partial settlement of the balance due on the Shiloco, account: Received cash from fees earned, $18,020, Post revenue and collections to the accounts recevable subsidiary ledger Apr. 30 Required: 1. Insert the following balances in the general ledger as of April 1 11 Cash $16,260 Required: 1. risert the following balances in the general ledger as of April 11 Cash $10,260 12 Accounts Receivable 19,800 14 Notes Receivable 8,620 41 Fees Earned After completing the recording of the transactions in the journal in part 3, total each of the columns of the special journals, and post the individual entries and totals to the general ledger Imert account balances after the last posting. When posting to the general ledger post in chronological order. However, 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 Blon out bok does not require an entry, leave it blank. In Cow, Joumal pages begin with 93 Cash Receipts begin with TCR and Cash Receipts begins with for exemple Journal Cach Receipts/Cash Recelts page 1/36/40 respectively. POST Rimply 1. CR36, and R40 GENERAL LEDGER Date Item Post Itel Debit Credit Balance Dv aland Account Cash 11 ADO Account Account R12 Account Accounts Receivable 12 Apra Balance Account Notes Receivable + 14 Apr1 Balance Accounts fers Ewmed 41 Alpha-amer input field 2. Imert the following balances in the accounts receivable subsidiary ledot w of April 1: Mendez co 511,380 Ohr Co Pinecrest Co 3.920 Pinecrest Co 8,420 Shdaco Miter completing the recording of the transactions in the journal input, post to the accounts receivable subsidiary bedoet in chronological ide, and insert the balance at the points indicated in the ove of transactions, Determine the balance in the customer's account before recording a cathracept. If an amount box does not require an entry leave it back in NOW, Journal pages begin with Cash Ieceipts begin with creand Cash Recipes begins with Rt for example oumali Cash Recipts/Cash Rens, page 1/36/40 respectively. POSTRE, 11, 13, and RA ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Date Item Post. Rel. Debit Credit Balance Mount Mendero NE Account Checo Account nec Check My Work Previous Next | Ape i Balance Account Shiloc 3. Prepare a single column revenue journal (40) and a chrecepts journal ( 36). Use the following column Headings for the concepts journal Tees Eamed Acts Hecevable, and is the fees are con un to record cash fees 4. Using the two specialitate and the column general (1). Jumle the transaction for April. Pust to the accounts receivable buty ledger and in the aces at the points indicated in the native of transactions Determine the balance in the customer account before recording the recept 5. Total each of the columns of the special als and out the individual entries and totals to the general der Insert account balance at the last posting In ut box does not require an entry leave it bank REVENUL JOURNAL PAGE 10 Account Recor Date The voice No Account Debited Post Rel. med Check My Work Previous Next > eBook Show Me How Invoice No. Account Debited Post. Ref. Date Fees Earned Cr. Apr. 2 Apr. 6 Apr. 13 Apr. 16 Apr. 22 Apr. 30 PAGE 36 CASH RECEIPTS JOURNAL Post. Fees Earned Account Credited Ref. Cr. Accts. Rec. Cr. Cash Dr. Date Check My Work All work saved. eBook B Show Me How JOURNAL PAGE 1 Date Description Post. Rel. Debit Credit 6. What is the sum of the customer balances? Does the sum of the customer balances agree with the accounts receivable controlling accoulit 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