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Category > Accounting Posted 26 Sep 2017 My Price 8.00

Tech-Aid Consulting Inc

EX 5-7 Posting a revenue journal

The revenue journal for Tech-Aid Consulting Inc. is shown below. The accounts receivable control account has a July 1, 2012, balance of $805 consisting of an amount due from Astro Star Co. There were no collections during July.

   

REVENUE JOURNAL

    
 

Invoice

  

Post.

Accounts Rec. Dr.

Date

No.

Account Debited

Ref.

Fees Earned Cr.

2012

        

July 4

355

Borman Co.

  

1,960

9

356

Life Star Inc.

  

3,220

14

357

Astro Star Co.

  

1,490

22

359

Borman Co.

  

2,650
       

9,320

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 account balance.

e. How might a computerized system differ from a revenue journal in recording revenue transactions?

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 01:09 PM My Price 8.00

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