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 $130 on account July 22 Issued Invoice No 2 to K Tisdale for $545 on account July 24 Issued Invoice No 3 to T Quinn for $120 on account July 25 Provided educational services, $215, K Tisdale in exchange for educational supplies July 27 Issued Invoice No 4 to F Mintz for $320 on account July 30 Issued Invoice No 5 to D Chase for $290 on account July 30 Issued Invoice No 6 to K Tisdale for $225 on account July 31 Issued Invoice No 7 to T Quinn for $150 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 July 21 J Dunlop () () 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

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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

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 $130 on account.
July 22.	Issued Invoice No. 2 to K. Tisdale for $545 on account.
July 24.	Issued Invoice No. 3 to T. Quinn for $120 on account.
July 25.	Provided educational services, $215, K. Tisdale in exchange for educational supplies.
July 27.	Issued Invoice No. 4 to F. Mintz for $320 on account.
July 30.	Issued Invoice No. 5 to D. Chase for $290 on account.
July 30.	Issued Invoice No. 6 to K. Tisdale for $225 on account.
July 31.	Issued Invoice No. 7 to T. Quinn for $150 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.

July 21		J. Dunlop







				() ()

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: