Business, 20.02.2020 22:04 kyleataylor2005

Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers

Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows:

Apr. 2. Issued Invoice No. 793 to Ohr Co., $7,520.
Apr. 5. Received cash from Mendez Co. for the balance owed on its account.
Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,710.
Apr. 13. Issued Invoice No. 795 to Shilo Co., $4,040.
Post revenue and collections to the accounts receivable subsidiary ledger.
Apr. 15. Received cash from Pinecrest Co. for the balance owed on April 1.
Apr. 16. Issued Invoice No. 796 to Pinecrest Co., $8,430.
Post revenue and collections to the accounts receivable subsidiary ledger.
Apr. 19. Received cash from Ohr Co. for the balance due on invoice of April 2.
Apr. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6.
Apr. 22. Issued Invoice No. 797 to Mendez Co., $11,100.
Apr. 25. Received $3,070 note receivable in partial settlement of the balance due on the Shilo Co. account.
Apr. 30. Received cash from fees earned, $18,950.
Post revenue and collections to the accounts receivable subsidiary ledger.
Required:

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

11 Cash $17,240
12 Accounts Receivable 21,000
14 Notes Receivable 9,140
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.

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