Revenue Journal; Accounts Receivable subsidiary and General Ledgers

Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows:

July 21.	Issued Invoice No. 1 to J. Dunlop for $100 on account.
July 22.	Issued Invoice No. 2 to K. Tisdale for $415 on account.
July 24.	Issued Invoice No. 3 to T. Quinn for $90 on account.
July 25.	Provided educational services, $165, K. Tisdale in exchange for educational supplies.
July 27.	Issued Invoice No. 4 to F. Mintz for $245 on account.
July 30.	Issued Invoice No. 5 to D. Chase for $220 on account.
July 30.	Issued Invoice No. 6 to K. Tisdale for $170 on account.
July 31.	Issued Invoice No. 7 to T. Quinn for $115 on account.

Required:

1a. Journalize the transactions (in chronological order) for July, using a single-column revenue journal. If an amount box does not require an entry, leave it blank.

REVENUE JOURNAL				PAGE 1
Date	Invoice No.	Account Debited	Post. Ref.	Accts. Rec. Dr. Fees Earned Cr.
				() ()

1b. Journalize (including the date) and post the appropriate transaction for July, in the two-column general journal. If an amount box does not require an entry, leave it blank. Posting references will be recorded in part 2.

JOURNAL				PAGE 1
Date	Description	Post. Ref.	Debit	Credit

1c. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale.

For those boxes in which no entry is required, leave the box blank.

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Date	Item	Post. Ref.	Dr.	Cr.	Balance
Name: D. Chase
Name: J. Dunlop
Name: F. Mintz
Name: T. Quinn
Name: K. Tisdale

2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings:

12 Accounts Receivable

13 Supplies

41 Fees Earned

For those boxes in which no entry is required, leave the box blank.

GENERAL LEDGER
					Balance
Date	Item	Post. Ref.	Dr.	Cr.	Dr.	Cr.
Account: Accounts Receivable #12
Account: Supplies #13
Account: Fees Earned #41

3a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? $

3b. What is the balance of the accounts receivable controlling account at July 31? $

4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. All of the following are benefits of the computerized system over the manual system EXCEPT: