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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

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?

May 14 2020 View more View Less

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