Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by Main Line Inc. during the month of August 2014 are as

Revenue and Cash Receipts Journals

Transactions related to revenue and cash receipts completed by Main Line Inc. during the month of August 2014 are as follows:

Aug. 2. Issued Invoice No. 512 to Boston Co., $745.
Aug. 4. Received cash from CMI Inc., on account, for $185.
Aug. 8. Issued Invoice No. 513 to Gabriel Co., $260.
Aug. 12. Issued Invoice No. 514 to Dockers Inc., $655.
Aug. 19. Received cash from Dockers Inc., on account, $500.
Aug. 22. Issued Invoice No. 515 to Electronic Central Inc., $140.
Aug. 27. Received cash from Marshall Inc. for services provided, $105.
Aug. 29. Received cash from Boston Co. for invoice of August 2.
Aug. 31. Received cash from McCleary Co. for services provided, $60.

Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Enter the transactions in chronological order.

Hint(s)

REVENUE JOURNAL PAGE 8
DATE Invoice No. Account Debited Post. Ref. Accounts Rec. Dr. Fees Earned Cr.
2014
SelectAug. 2Aug. 4Aug. 19Aug. 27Aug. 29Correct 1 of Item 1 SelectBoston Co.CMI Inc.Dockers Inc.Electronic Central Inc.Gabriel Co.Marshall Inc.McCleary Co.Correct 3 of Item 1
SelectAug. 4Aug. 8Aug. 19Aug. 27Aug. 29Correct 5 of Item 1 SelectBoston Co.CMI Inc.Dockers Inc.Electronic Central Inc.Gabriel Co.Marshall Inc.McCleary Co.Correct 7 of Item 1
SelectAug. 4Aug. 12Aug. 19Aug. 29Aug. 31Correct 9 of Item 1 SelectBoston Co.CMI Inc.Dockers Inc.Electronic Central Inc.Gabriel Co.Marshall Inc.McCleary Co.Correct 11 of Item 1
SelectAug. 4Aug. 19Aug. 22Aug. 27Aug. 29Correct 13 of Item 1 SelectBoston Co.CMI Inc.Dockers Inc.Electronic Central Inc.Gabriel Co.Marshall Inc.McCleary Co.Correct 15 of Item 1
SelectAug. 19Aug. 22Aug. 27Aug. 29Aug. 31Correct 17 of Item 1 Total

Hide Feedback

Partially Correct

Check My Work Feedback

Record the revenue amounts as earned, on account, in the revenue journal. Remember to include invoice numbers on these for sourcing purposes. Provide a column total.

Learning Objective 2.

Hint(s)

If an amount box does not require an entry, leave it blank.

CASH RECEIPTS JOURNAL PAGE 12
DATE Account Credited Post. Ref. Fees Earned Cr. Accounts Rec. Cr. Cash Dr.
2014
SelectAug. 2Aug. 4Aug. 8Aug. 12Aug. 19Aug. 22Aug. 27Aug. 29Aug. 31Correct 1 of Item 2 SelectBoston Co.CMI Inc.Dockers Inc.Electronic Central Inc.Gabriel Co.Marshall Inc.McCleary Co.Fees EarnedCorrect 2 of Item 2
SelectAug. 2Aug. 4Aug. 8Aug. 12Aug. 19Aug. 22Aug. 27Aug. 29Aug. 31Correct 6 of Item 2 SelectBoston Co.CMI Inc.Dockers Inc.Electronic Central Inc.Gabriel Co.Marshall Inc.McCleary Co.Fees EarnedCorrect 7 of Item 2
SelectAug. 2Aug. 4Aug. 8Aug. 12Aug. 19Aug. 22Aug. 27Aug. 29Aug. 31Correct 11 of Item 2 SelectBoston Co.CMI Inc.Dockers Inc.Electronic Central Inc.Gabriel Co.Marshall Inc.McCleary Co.Fees EarnedCorrect 12 of Item 2
SelectAug. 2Aug. 4Aug. 8Aug. 12Aug. 19Aug. 22Aug. 27Aug. 29Aug. 31Correct 16 of Item 2 SelectBoston Co.CMI Inc.Dockers Inc.Electronic Central Inc.Gabriel Co.Marshall Inc.McCleary Co.Fees EarnedCorrect 17 of Item 2
SelectAug. 2Aug. 4Aug. 8Aug. 12Aug. 19Aug. 22Aug. 27Aug. 29Aug. 31Correct 21 of Item 2 SelectBoston Co.CMI Inc.Dockers Inc.Electronic Central Inc.Gabriel Co.Marshall Inc.McCleary Co.Fees EarnedCorrect 22 of Item 2
SelectAug. 2Aug. 4Aug. 8Aug. 12Aug. 19Aug. 22Aug. 27Aug. 29Aug. 31Correct 26 of Item 2 Total

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

Step: 3

blur-text-image

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

Strategic Business Management From Planning To Performance

Authors: Gary Cokins

1st Edition

1937352358, 978-1937352356

More Books

Students also viewed these Accounting questions

Question

6.8 Find a z o such that P(-z

Answered: 1 week ago