Lasting Summer Inc. has $3,070 in the October 1 balance of the accounts receivable account consisting of $1,410 from Champion Co. and $1,660 from Wayfarer Co. Transactions related to revenue and cash receipts completed by Lasting Summer Inc. during the month of October 2015 are as follows: Oct. 3. Issued Invoice No. 622 for services provided to Palace Corp., $3,220. 5. Received cash from Champion Co., on account, for $1,410. 8. Issued Invoice No. 623 for services provided to Sunny Style Inc., $5,560. 12. Received cash from Wayfarer Co., on account, for $1,660. 18. Issued Invoice No. 624 for services provided to Amex Services Inc., $3,900. 23. Received cash from Palace Corp. for Invoice No. 622 of October 3. 28. Issued Invoice No. 625 to Wayfarer Co., on account, for $3,280. Received cash from Rogers Co. for services provided, $120. 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. 2015 Total Prepare a cash receipts journal to record these transactions. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Account Credited Post. Ref. Fees Earned Cr. Accounts Rec. Cr. PAGE 25 Cash Dr. DATE 2015 Oct. 31 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, 20Y5. Lasting Summer Inc. Accounts Receivable Customer Balances October 31, 2015 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: Lasting Summer Inc. has $3,070 in the October 1 balance of the accounts receivable account consisting of $1,410 from Champion Co. and $1,660 from Wayfarer Co. Transactions related to revenue and cash receipts completed by Lasting Summer Inc. during the month of October 2015 are as follows: Oct. 3. Issued Invoice No. 622 for services provided to Palace Corp., $3,220. 5. Received cash from Champion Co., on account, for $1,410. 8. Issued Invoice No. 623 for services provided to Sunny Style Inc., $5,560. 12. Received cash from Wayfarer Co., on account, for $1,660. 18. Issued Invoice No. 624 for services provided to Amex Services Inc., $3,900. 23. Received cash from Palace Corp. for Invoice No. 622 of October 3. 28. Issued Invoice No. 625 to Wayfarer Co., on account, for $3,280. Received cash from Rogers Co. for services provided, $120. 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. 2015 Total Prepare a cash receipts journal to record these transactions. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Account Credited Post. Ref. Fees Earned Cr. Accounts Rec. Cr. PAGE 25 Cash Dr. DATE 2015 Oct. 31 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, 20Y5. Lasting Summer Inc. Accounts Receivable Customer Balances October 31, 2015 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
