The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1,

Question:

The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of $625 consisting of an amount due from Aladdin Co. There were no collections during July.

a. Prepare a T account for the accounts receivable customer accounts.
b. Post the transactions from the revenue journal to the customer accounts and determine their ending balances.
c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts and determine the ending balances.
d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance.
e. How might a computerized system differ from a revenue journal in recording revenue transactions?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...