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 230 are as follows:

Apr. 2.		Issued Invoice No. 793 to Ohr Co., $7,120.
Apr. 5.		Received cash from Mendez Co. for the balance owed on its account.
Apr. 6.		Issued Invoice No. 794 to Pinecrest Co., $2,570.
Apr. 13.		Issued Invoice No. 795 to Shilo Co., $3,820.
		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., $7,980. 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., $10,510.
Apr. 25.		Received $2,910 note receivable in partial settlement of the balance due on the Shilo Co. account.
Apr. 30.		Received cash from fees earned, $17,940. Post revenue and collections to the accounts receivable subsidiary ledger.

Required:

1. Insert the following balances in the general ledger as of April 1:

11	Cash	$16,500
12	Accounts Receivable	20,100
14	Notes Receivable	8,750
41	Fees Earned	-

After completing the recording of the transactions in the journals in part 3, 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. When posting to the general ledger, post in chronological order. However, if there is more than one entry on the same date, be sure to post transactions from the revenue journal before posting transactions from the cash receipts journal.

If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with J, Cash Receipts begin with CR and Revenue Journal begins with R. For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40.

GENERAL LEDGER
Date	Item	Post. Ref.	Debit	Credit	Balance Dr.	Balance Cr.
Account: Cash # 11
Apr. 1	Balance		fill in the blank 1	fill in the blank 2	fill in the blank 3	fill in the blank 4
Apr. 30		fill in the blank 6	fill in the blank 7	fill in the blank 8	fill in the blank 9	fill in the blank 10
Account: Accounts Receivable # 12
Apr. 1	Balance		fill in the blank 11	fill in the blank 12	fill in the blank 13	fill in the blank 14
Apr. 25		fill in the blank 16	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20
Apr. 30		fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26
Apr. 30		fill in the blank 28	fill in the blank 29	fill in the blank 30	fill in the blank 31	fill in the blank 32
Account: Notes Receivable # 14
Apr. 1	Balance		fill in the blank 33	fill in the blank 34	fill in the blank 35	fill in the blank 36
Apr. 25		fill in the blank 38	fill in the blank 39	fill in the blank 40	fill in the blank 41	fill in the blank 42
Account: Fees Earned # 41
Apr. 30		fill in the blank 44	fill in the blank 45	fill in the blank 46	fill in the blank 47	fill in the blank 48
Apr. 30		fill in the blank 50	fill in the blank 51	fill in the blank 52	fill in the blank 53	fill in the blank 54

2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1:

Mendez Co.	$11,550
Ohr Co.	-
Pinecrest Co.	8,550
Shilo Co.	-

After completing the recording of the transactions in the journals in part 3, post to the accounts receivable subsidiary ledger in chronological order, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording a cash receipt. If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with J, Cash Receipts begin with CR and Revenue Journal begins with R. For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40.

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Date	Item	Post. Ref.	Debit	Credit	Balance
Account: Mendez Co.
Apr. 1	Balance		fill in the blank 55	fill in the blank 56	fill in the blank 57
Apr. 5		fill in the blank 59	fill in the blank 60	fill in the blank 61	fill in the blank 62
		fill in the blank 64	fill in the blank 65	fill in the blank 66	fill in the blank 67
Account: Ohr Co.
		fill in the blank 69	fill in the blank 70	fill in the blank 71	fill in the blank 72
		fill in the blank 74	fill in the blank 75	fill in the blank 76	fill in the blank 77
Account: Pinecrest Co.
Apr. 1	Balance		fill in the blank 78	fill in the blank 79	fill in the blank 80
		fill in the blank 82	fill in the blank 83	fill in the blank 84	fill in the blank 85
		fill in the blank 87	fill in the blank 88	fill in the blank 89	fill in the blank 90
		fill in the blank 92	fill in the blank 93	fill in the blank 94	fill in the blank 95
		fill in the blank 97	fill in the blank 98	fill in the blank 99	fill in the blank 100
Account: Shilo Co.
		fill in the blank 102	fill in the blank 103	fill in the blank 104	fill in the blank 105
		fill in the blank 107	fill in the blank 108	fill in the blank 109	fill in the blank 110

3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees.

4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers 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.

REVENUE JOURNAL				PAGE 40
Date	Invoice No.	Account Debited	Post. Ref.	Accounts Rec. Dr. Fees Earned Cr.
	fill in the blank 112			fill in the blank 114
	fill in the blank 116			fill in the blank 118
	fill in the blank 120			fill in the blank 122
	fill in the blank 124			fill in the blank 126
	fill in the blank 128			fill in the blank 130
				fill in the blank 132
				(fill in the blank 133) (fill in the blank 134)

CASH RECEIPTS JOURNAL					PAGE 36
Date	Account Credited	Post. Ref.	Fees Earned Cr.	Accts. Rec. Cr.	Cash Dr.
			fill in the blank 137	fill in the blank 138	fill in the blank 139
			fill in the blank 142	fill in the blank 143	fill in the blank 144
			fill in the blank 147	fill in the blank 148	fill in the blank 149
			fill in the blank 152	fill in the blank 153	fill in the blank 154
			fill in the blank 157	fill in the blank 158	fill in the blank 159
			fill in the blank 161	fill in the blank 162	fill in the blank 163
			(fill in the blank 164)	(fill in the blank 165)	(fill in the blank 166)

JOURNAL			PAGE 1
Date	Description	Post. Ref.		Debit	Credit
		fill in the blank 169		fill in the blank 170	fill in the blank 171
		fill in the blank 173		fill in the blank 174	fill in the blank 175

6. What is the sum of the customer balances? $fill in the blank 176 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?