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 $160 on account.
July 22.	Issued Invoice No. 2 to K. Tisdale for $685 on account.
July 24.	Issued Invoice No. 3 to T. Quinn for $150 on account.
July 25.	Provided educational services, $270, to K. Tisdale in exchange for educational supplies.
July 27.	Issued Invoice No. 4 to F. Mintz for $405 on account.
July 30.	Issued Invoice No. 5 to D. Chase for $360 on account.
July 30.	Issued Invoice No. 6 to K. Tisdale for $280 on account.
July 31.	Issued Invoice No. 7 to T. Quinn for $190 on account.

Required:

1a. Journalize the transactions (in chronological order) for July, using a single-column revenue journal.

REVENUE JOURNAL				PAGE 1
Date	Invoice No.	Account Debited	Post. Ref.	Accts. Rec. Dr. Fees Earned Cr.
July 21July 22July 24July 25July 30	fill in the blank 2	D. ChaseF. MintzJ. DunlopK. TisdaleT. Quinn		fill in the blank 4
July 21July 22July 24July 25July 30	fill in the blank 6	D. ChaseF. MintzJ. DunlopK. TisdaleT. Quinn		fill in the blank 8
July 21July 22July 24July 25July 31	fill in the blank 10	D. ChaseF. MintzJ. DunlopK. TisdaleT. Quinn		fill in the blank 12
July 21July 22July 25July 27July 30	fill in the blank 14	D. ChaseF. MintzJ. DunlopK. TisdaleT. Quinn		fill in the blank 16
July 21July 22July 24July 30July 31	fill in the blank 18	D. ChaseF. MintzJ. DunlopK. TisdaleT. Quinn		fill in the blank 20
July 21July 22July 24July 30July 31	fill in the blank 22	D. ChaseF. MintzJ. DunlopK. TisdaleT. Quinn		fill in the blank 24
July 21July 22July 24July 25July 31	fill in the blank 26	D. ChaseF. MintzJ. DunlopK. TisdaleT. Quinn		fill in the blank 28
July 21July 22July 24July 27July 31				fill in the blank 30
				(fill in the blank 31) (fill in the blank 32)

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
July 21July 22July 25July 27July 31	Accounts PayableAccounts ReceivableCashFees EarnedSupplies	fill in the blank 35	fill in the blank 36	fill in the blank 37
	Accounts PayableAccounts ReceivableCashFees EarnedSupplies	fill in the blank 39	fill in the blank 40	fill in the blank 41

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.

If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with J and Revenue Journal begin with R. For example Journal/ Revenue Journal, page 1/1 respectively. POST. REF. is simply J1 and R1.

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Date	Item	Post. Ref.	Dr.	Cr.	Balance
Name: D. Chase
July 21July 22July 25July 27July 30		fill in the blank 43	fill in the blank 44	fill in the blank 45	fill in the blank 46
Name: J. Dunlop
July 21July 22July 25July 30July 31		fill in the blank 48	fill in the blank 49	fill in the blank 50	fill in the blank 51
Name: F. Mintz
July 21July 22July 27July 30July 31		fill in the blank 53	fill in the blank 54	fill in the blank 55	fill in the blank 56
Name: T. Quinn
July 21July 22July 24July 27July 31		fill in the blank 58	fill in the blank 59	fill in the blank 60	fill in the blank 61
July 21July 22July 25July 30July 31		fill in the blank 63	fill in the blank 64	fill in the blank 65	fill in the blank 66
Name: K. Tisdale
July 21July 22July 25July 30July 31		fill in the blank 68	fill in the blank 69	fill in the blank 70	fill in the blank 71
July 21July 24July 25July 30July 31		fill in the blank 73	fill in the blank 74	fill in the blank 75	fill in the blank 76

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

If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with J and Revenue Journal begin with R. For example Journal/ Revenue Journal, page 1/1 respectively. POST. REF. is simply J1 and R1.

GENERAL LEDGER
					Balance
Date	Item	Post. Ref.	Dr.	Cr.	Dr.	Cr.
Account: Accounts Receivable #12
July 21July 22July 25July 30July 31		fill in the blank 78	fill in the blank 79	fill in the blank 80	fill in the blank 81	fill in the blank 82
Account: Supplies #13
July 21July 22July 25July 30July 31		fill in the blank 84	fill in the blank 85	fill in the blank 86	fill in the blank 87	fill in the blank 88
Account: Fees Earned #41
July 21July 22July 25July 27July 31		fill in the blank 90	fill in the blank 91	fill in the blank 92	fill in the blank 93	fill in the blank 94
July 21July 22July 27July 30July 31		fill in the blank 96	fill in the blank 97	fill in the blank 98	fill in the blank 99	fill in the blank 100

3a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? $fill in the blank 101

3b. What is the balance of the accounts receivable controlling account at July 31? $fill in the blank 102

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:

Totals in the subsidiary ledgers would be calculated automatically.There would be no need to verify the accuracy of account totals.There would be no need to enter sales transactions into an electronic invoice form.There would not be math or posting errors.