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Lasting Summer Inc. has $2.330 in the October 1 balance of the accounts receivable account consisting of $1,070 from Champion Co. and $1,260 from Wayfarer
Lasting Summer Inc. has $2.330 in the October 1 balance of the accounts receivable account consisting of $1,070 from Champion Co. and $1,260 from Wayfarer Co. Transactions related to revenue and cash receipts completed by Lasting Summer Inc. during the month of October 20Y5 are as follows Oct. 3. Issued Invoice No. 622 for services provided to Paace Corp, $2,450. 5. Received cash from Champion Co, on account, for $1,070. 8. Issued Invaice No.623 for services provided to Sunny Style Inc., $4.220 12. Received cash from Wayfarer Co on account, for $1,260. 18. Issued Invoice No. 624 for services provided to Amex Services Inc. $2,960 23. Received cash from Palace Corp. for Invoice No. 622 of October 3 28. Issued Invoice No. 625 to Wayfarer Co, on account, for $2490 Received cash from Rogers Co. for services provided, $90 a. Prepare a single-column revenue journal to record these transactions. Enter transactions in chronological order REVENUE JOURNAL PAGE 19 Accounts Rec. Dr Fees Earned Cr DATE Invoice No. Account Debited Post. Ref 20V5 Total Prepare a cash receipts journal to record these transactions If an amount bax does not require an entry, leave it blank. CASH RECEIPTS JOURNAL PAGE 25 DATE Account Credited Post. Ref. Fees Earned Cr. Accounts Rec. Cr. Cash Dr. 20Y5 Oct. 31 Total b. Prepare a listing of the accounts receivable customer balances and verify that the total of the accounts receivable customer balances equals the balance of the accounts receivable controlling account on October 31, 20YS. Lasting Summer Inc Accounts Receivable Customer Balances October 31, 20Y5 Amex Services Inc Sunny Style Inc. Wayfarer Co. Total accounts receivable c. Lasting Summer Inc. uses a subsidiary ledger for accounts receivable for all of the following reasons EXCEPT
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