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 $65 on account.
July 22.	Issued Invoice No. 2 to K. Tisdale for $285 on account.
July 24.	Issued Invoice No. 3 to T. Quinn for $60 on account.
July 25.	Provided educational services, $110, to K. Tisdale in exchange for educational supplies.
July 27.	Issued Invoice No. 4 to F. Mintz for $170 on account.
July 30.	Issued Invoice No. 5 to D. Chase for $150 on account.
July 30.	Issued Invoice No. 6 to K. Tisdale for $115 on account.
July 31.	Issued Invoice No. 7 to T. Quinn for $80 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.
	fill in the blank 2			fill in the blank 4
	fill in the blank 6			fill in the blank 8
	fill in the blank 10			fill in the blank 12
	fill in the blank 14			fill in the blank 16
	fill in the blank 18			fill in the blank 20
	fill in the blank 22			fill in the blank 24
	fill in the blank 26			fill in the blank 28
				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
		fill in the blank 35	fill in the blank 36	fill in the blank 37
		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
		fill in the blank 43	fill in the blank 44	fill in the blank 45	fill in the blank 46
Name: J. Dunlop
		fill in the blank 48	fill in the blank 49	fill in the blank 50	fill in the blank 51
Name: F. Mintz
		fill in the blank 53	fill in the blank 54	fill in the blank 55	fill in the blank 56
Name: T. Quinn
		fill in the blank 58	fill in the blank 59	fill in the blank 60	fill in the blank 61
		fill in the blank 63	fill in the blank 64	fill in the blank 65	fill in the blank 66
Name: K. Tisdale
		fill in the blank 68	fill in the blank 69	fill in the blank 70	fill in the blank 71
		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
		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
		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
		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
		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: