Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of October 2014

Question:

Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of October 2014 are as follows:

Oct. 2. Issued Invoice No. 512 to Albany Co., $670.

4. Received cash from CMI Inc., on account, for $215.

8. Issued Invoice No. 513 to Gabriel Co., $275.

12. Issued Invoice No. 514 to Ells Inc., $840.

19. Received cash from Ells Inc., on account, $475.

22. Issued Invoice No. 515 to Electronic Central Inc., $150.

27. Received cash from Marshall Inc. for services provided, $145.

29. Received cash from Albany Co. for invoice of October 2.

31. Received cash from McCleary Co. for services provided, $90.

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 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...