Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NEED HELP PLEASE Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

NEED HELP PLEASE

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., $6,000. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,160. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,220. 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., $6,730. Post revenue and collections to the accounts receivable subsidiary ledger. Apr. 19. Received cash from Ohr Co. for the balance due on invoice of April 2. Apr. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6. Apr. 22. Issued Invoice No. 797 to Mendez Co., $8,860. Apr. 25. Received $2,450 note receivable in partial settlement of the balance due on the Shilo Co. account. Apr. 30. Received cash from fees earned, $15,120. Post revenue and collections to the accounts receivable subsidiary ledger. Required: 1. Insert the following balances in the general ledger as of April 1: receipts journal. 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40. Journal begins with " R ". For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40. column is used to record cash fees. transactions. Determine the balance in the customer's account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. If an amount box does not require an entry, leave it blank. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ CASH RECEIPTS JOURNAL } & \multirow{2}{*}{\begin{tabular}{l} PAGE 36 \\ Cash Dr. \end{tabular}} \\ \hline Date & Account Credited & Post. Ref. Fees Earned Cr. & Accts. Rec. Cr. & \\ \hline Apr. 5 & - & v & & \\ \hline Apr. 15 & - & v & & \\ \hline Apr. 19 & & v & & \\ \hline Apr. 20 & - & v & & \\ \hline Apr. 30 & & v & & \\ \hline Apr. 30 & & & & \\ \hline \end{tabular} 6. What is the sum of the customer balances? $ Does the sum of the customer balances agree with the accounts receivable controlling account in the general ledger? 7. Would an automated system omit postings to a controlling account as performed in part (5) for Accounts Receivable? 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., $6,000. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,160. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,220. 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., $6,730. Post revenue and collections to the accounts receivable subsidiary ledger. Apr. 19. Received cash from Ohr Co. for the balance due on invoice of April 2. Apr. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6. Apr. 22. Issued Invoice No. 797 to Mendez Co., $8,860. Apr. 25. Received $2,450 note receivable in partial settlement of the balance due on the Shilo Co. account. Apr. 30. Received cash from fees earned, $15,120. Post revenue and collections to the accounts receivable subsidiary ledger. Required: 1. Insert the following balances in the general ledger as of April 1: receipts journal. 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40. Journal begins with " R ". For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40. column is used to record cash fees. transactions. Determine the balance in the customer's account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. If an amount box does not require an entry, leave it blank. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ CASH RECEIPTS JOURNAL } & \multirow{2}{*}{\begin{tabular}{l} PAGE 36 \\ Cash Dr. \end{tabular}} \\ \hline Date & Account Credited & Post. Ref. Fees Earned Cr. & Accts. Rec. Cr. & \\ \hline Apr. 5 & - & v & & \\ \hline Apr. 15 & - & v & & \\ \hline Apr. 19 & & v & & \\ \hline Apr. 20 & - & v & & \\ \hline Apr. 30 & & v & & \\ \hline Apr. 30 & & & & \\ \hline \end{tabular} 6. What is the sum of the customer balances? $ Does the sum of the customer balances agree with the accounts receivable controlling account in the general ledger? 7. Would an automated system omit postings to a controlling account as performed in part (5) for Accounts Receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Non Finance Managers

Authors: Jai Kumar Batra

1st Edition

9352806964, 978-9352806966

More Books

Students also viewed these Accounting questions

Question

What is the role of communication (Chapter 4) in leadership?

Answered: 1 week ago