Revenue and Cash Receipts Journals; Accounts Receivable Subsidiary and General Ledgers
Revenue and Cash Receipts Joirnats; Accounts Receivable Subsidiary and General Ledgers Transactions related to revenue and cash receipts completed for Sterling Engineering Services dining the petiod June2-30, 2014, are as follows: June 2. Issued Invoice No. 717 to Yee Co.. $1,450. 3- Received cash from Auto-Flex Co. for the balance owed on its account. 7. Issued Invoice No. 718 to Cooper Development Co., $670. 10. Issued Invoice No. 719 to Ridge Communities, $2,840. Post revenue and collections to the accounts receivable subsidiary ledger. 14. Received cash from Cooper Development Co. for the balance owed on June 1. 16. Issued Invoice No. 720 to Cooper Development Co., $400. Post revenue and collections to the accounts receivable subsidiary ledger. 18. Received cash from Yee Co. for the balance due on invoice of June 2. 20. Received cash from Cooper Development Co. for invoice of June 7. 23- Issued Invoice No. 721 to Auto-Flex Co.. $860. 30. Recorded cash fees earned, $4,520. 30. Received office equipment of $1,800 in partial settlement of balance due on the Ridge Communities account. Post revenue and collections to the accounts receivable subsidiary ledger. Insert the following balances in the general ledger as of June 1: Insert the following balances in the accounts receivable subsidiary ledger as of June 1: Prepare a single- column revenue journal and a cash receipts journal. 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. Insert a check mark (?) in the Post. P. ef. column when recording cash fees. Check Figure: Total cash receipts. Using the two special journals and the two- column general journal, joiunalce the transactions for June. 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 customer's account before recording cash receipt. 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. Determine that the sum of the customer accounts agrees with the accounts receivable controlling account in the general ledger. Why would an automated system omit postings to a control account as performed in step S for Accounts Receivable? Revenue and Cash Receipts Joirnats; Accounts Receivable Subsidiary and General Ledgers Transactions related to revenue and cash receipts completed for Sterling Engineering Services dining the petiod June2-30, 2014, are as follows: June 2. Issued Invoice No. 717 to Yee Co.. $1,450. 3- Received cash from Auto-Flex Co. for the balance owed on its account. 7. Issued Invoice No. 718 to Cooper Development Co., $670. 10. Issued Invoice No. 719 to Ridge Communities, $2,840. Post revenue and collections to the accounts receivable subsidiary ledger. 14. Received cash from Cooper Development Co. for the balance owed on June 1. 16. Issued Invoice No. 720 to Cooper Development Co., $400. Post revenue and collections to the accounts receivable subsidiary ledger. 18. Received cash from Yee Co. for the balance due on invoice of June 2. 20. Received cash from Cooper Development Co. for invoice of June 7. 23- Issued Invoice No. 721 to Auto-Flex Co.. $860. 30. Recorded cash fees earned, $4,520. 30. Received office equipment of $1,800 in partial settlement of balance due on the Ridge Communities account. Post revenue and collections to the accounts receivable subsidiary ledger. Insert the following balances in the general ledger as of June 1: Insert the following balances in the accounts receivable subsidiary ledger as of June 1: Prepare a single- column revenue journal and a cash receipts journal. 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. Insert a check mark (?) in the Post. P. ef. column when recording cash fees. Check Figure: Total cash receipts. Using the two special journals and the two- column general journal, joiunalce the transactions for June. 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 customer's account before recording cash receipt. 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. Determine that the sum of the customer accounts agrees with the accounts receivable controlling account in the general ledger. Why would an automated system omit postings to a control account as performed in step S for Accounts Receivable
