Transactions related to revenue and cash receipts completed by Main Line Inc. during the month of August
Question:
Transactions related to revenue and cash receipts completed by Main Line Inc. during the month of August 2012 are as follows:
Aug. 2. Issued Invoice No. 512 to Boston Co., $780.
4. Received cash from CMI Inc., on account, for $195.
8. Issued Invoice No. 513 to Gabriel Co., $275.
12. Issued Invoice No. 514 to Dockers Inc., $690.
19. Received cash from Dockers Inc., on account, $525.
22. Issued Invoice No. 515 to Electronic Central Inc., $150.
27. Received cash from Marshall Inc. for services provided, $115.
29. Received cash from Boston Co. for invoice of August 2.
31. Received cash from McCleary Co. for services provided, $65.
Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark (✔) in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.
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...
Step by Step Answer:
REVENUE JOURNAL PAGE 8 Invoice Post Accounts Rec Dr Date No A...View the full answer
