Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Revenue Journal and Cash Receipts Journals; Accounts Receivable subsidiary and General Ledgers Transactions related to revenue and cash receipts completed by Aspen Architects Co. during

Revenue Journal and Cash Receipts Journals; Accounts Receivable subsidiary and General Ledgers

Transactions related to revenue and cash receipts completed by Aspen Architects Co. during the period June 230, 2014, are as follows:

June 2. Issued Invoice No. 793 to Nickle Co., $7,080.
June 5. Received cash from Mendez Co. for the balance owed on its account.
June 6. Issued Invoice No. 794 to Preston Co., $2,550.
June 13. Issued Invoice No. 795 to Shilo Co., $3,800.
Post revenue and collections to the accounts receivable subsidiary ledger.
June 15. Received cash from Preston Co. for the balance owed on June 1.
June 16. Issued Invoice No. 796 to Preston Co., $7,930. Post revenue and collections to the accounts receivable subsidiary ledger.
June 19. Received cash from Nickle Co. for the balance due on invoice of June 2.
June 20. Received cash from Preston Co. for invoice of June 6.
June 22. Issued Invoice No. 797 to Mendez Co., $10,450.
June 25. Received $2,890 note receivable in partial settlement of the balance due on the Shilo Co. account.
June 30. Recorded cash fees earned, $17,830. Post revenue and collections to the accounts receivable subsidiary ledger.

Required:

1. Insert the following balances in the general ledger as of June 1:

11 Cash $16,580
12 Accounts Receivable 20,200
14 Notes Receivable 8,790
41 Fees Earned -

After completing the recording of the transactions in the journals in part 3, 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. When posting to the general ledger, post in chronological order. However, if there is more than one entry on the same date, be sure to post transactions from the revenue journal before posting transactions from the cash receipts journal.

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

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

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald Hilton, David Platt

12th edition

1259969517, 1260566390, 978-1260417043

More Books

Students also viewed these Accounting questions

Question

The personal characteristics of the sender

Answered: 1 week ago

Question

The quality of the argumentation

Answered: 1 week ago