Chapter 5 HW 1 Revenue Journal Accounts Receivable subsidiary and General Ledgers Sage Learning Centers was established on July 20 to provide educational services The services provided during the remainder of the month are as follows July 21 Issued Invoice No 1 to J Dunlop for $180 on account July 22 Issued Invoice No 2 to K Tisdale for $770 on account July 24 Issued Invoice No 3 to T Quinn for $165 on account July 25 Provided educational services, $300, K Tisdale in exchange for educational supplies July 27 Issued Invoice No 4 to F Mintz for $455 on account July 30 Issued Invoice No 5 to D Chase for $405 on account July 30 Issued Invoice No 6 to K Tisdale for $315 on account July 31 Issued Invoice No 7 to T Quinn for $210 on account Required 1a Journalize the transactions (in chronological order) for July, using a single column revenue journal If an amount box does not require an entry, leave it blank 1b Journalize (including the date) and post the appropriate transaction for July, in the two column general journal If an amount box does not require an entry, leave it blank Posting references will be recorded in part 2 1c Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry D Chase J Dunlop F Mintz T Quinn K Tisdale For those boxes in which no entry is required, leave the box blank 2 Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings 12 Accounts Receivable 13 Supplies 41 Fees Earned For those boxes in which no entry is required, leave the box blank 3a What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31 3b What is the balance of the accounts receivable controlling account at July 31 4 Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1 All of the following are benefits of the computerized system over the manual system EXCEPT (Totals in the subsidiary ledgers would be calculated automatically, There would be no need to verify the accuracy of account totals, There would be no need to enter sales transactions into an electronic invoice form, or There would not be math or posting errors ) REVENUE JOURNAL PAGE 1 Post Accts Rec Dr Date Invoice No Account Debited Ref Fees Earned Cr IIIIIIII ) JOURNAL PAGE 1 Date Description Post Ref Debit Credit ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Date Item Post Ref Dr Cr Balance Name D Chase Name J Dunlop Name F Mintz Name T Quinn Name K Tisdale II II GENERAL LEDGER Balance Date Item Post Ref Dr Cr Dr Cr Account Accounts Receivable 12 Account Supplies 13 Account Fees Earned 41

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 07, 2024

Chapter 5 HW: 1 Revenue Journal; Accounts Receivable subsidiary and General Ledgers Sage Learning Centers was established on July 20 to provide educational services. The

Chapter 5 HW: 1

Revenue Journal; Accounts Receivable subsidiary and General Ledgers

Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows:

July 21.	Issued Invoice No. 1 to J. Dunlop for $180 on account.
July 22.	Issued Invoice No. 2 to K. Tisdale for $770 on account.
July 24.	Issued Invoice No. 3 to T. Quinn for $165 on account.
July 25.	Provided educational services, $300, K. Tisdale in exchange for educational supplies.
July 27.	Issued Invoice No. 4 to F. Mintz for $455 on account.
July 30.	Issued Invoice No. 5 to D. Chase for $405 on account.
July 30.	Issued Invoice No. 6 to K. Tisdale for $315 on account.
July 31.	Issued Invoice No. 7 to T. Quinn for $210 on account.

Required:

1a. Journalize the transactions (in chronological order) for July, using a single-column revenue journal. If an amount box does not require an entry, leave it blank.

image text in transcribed

1b. Journalize (including the date) and post the appropriate transaction for July, in the two-column general journal. If an amount box does not require an entry, leave it blank. Posting references will be recorded in part 2.

image text in transcribed

1c. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. For those boxes in which no entry is required, leave the box blank.

image text in transcribed

2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings:

12 Accounts Receivable

13 Supplies

41 Fees Earned

For those boxes in which no entry is required, leave the box blank.

image text in transcribed

3a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31?

3b. What is the balance of the accounts receivable controlling account at July 31?

4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. All of the following are benefits of the computerized system over the manual system EXCEPT: (Totals in the subsidiary ledgers would be calculated automatically, There would be no need to verify the accuracy of account totals, There would be no need to enter sales transactions into an electronic invoice form, or There would not be math or posting errors.)

REVENUE JOURNAL PAGE 1 Post. Accts. Rec. Dr. Date Invoice No. Account Debited Ref. Fees Earned Cr. IIIIIIII ) JOURNAL PAGE 1 Date Description Post. Ref. Debit Credit == ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Date Item Post. Ref. Dr. Cr. Balance Name: D. Chase Name: J. Dunlop Name: F. Mintz Name: T. Quinn Name: K. Tisdale II II GENERAL LEDGER Balance Date Item Post. Ref. Dr. Cr. Dr. Cr. Account: Accounts Receivable #12 Account: Supplies #13 Account: Fees Earned #41