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No. 9 357 EX 5-7 Posting a revenue journal OBJ. 2, 3 The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account
No. 9 357 EX 5-7 Posting a revenue journal OBJ. 2, 3 The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 2012, balance of $625 consisting of an amount due from Aladdin Co. There were no collections during July. REVENUE JOURNAL Page 12 Invoice Post. Accts. Rec. Dr. Date Account Debited Ref. Fees Earned Cr. 2092 July 4 355 Clearmark Co... 1,890 356 Life Star Inc. 3,410 18 Aladdin Co... 950 22 359 Clearmark Co. 3,660 31 9.910 a. Prepare a T account for the accounts receivable customer accounts. b. Post the transactions from the revenue journal to the customer accounts and determine their ending balances. c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts and determine the ending balances. d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance. e. How might a computerized system differ from a revenue journal in recording revenue transactions
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