Revenue and Cash Receipts Journals; Accounts Receivable subsidiary and General Ledgers Transactions related to revenue and...
Revenue and Cash Receipts Journals; Accounts Receivable subsidiary and General Ledgers
Transactions related to revenue and cash receipts completed by Affiliate Engineering Services during the period June 2–30 are as follows:
| June 2. | Issued Invoice No. 717 to Yee Co., $2,210. | |
| 3. | Received cash from Auto-Flex Co. for the balance owed on its account. | |
| 7. | Issued Invoice No. 718 to Cooper Development Co., $1,040. | |
| 10. | Issued Invoice No. 719 to Ridge Communities, $4,390. | |
| Post revenue and collections to the accounts receivable subsidiary ledger. | ||
| 14. | Received cash from Cooper Development Co. for the balance owed on June 1. | |
| 16. | Issued Invoice No. 720 to Cooper Development Co., $620. Post revenue and collections to the accounts receivable subsidiary ledger. |
|
| 18. | Received cash from Yee Co. for the balance due on invoice of June 2. | |
| 20. | Received cash from Cooper Development Co. for invoice of June 7. | |
| 23. | Issued Invoice No. 721 to Auto-Flex Co., $1,330. | |
| 30. | Received cash from fees earned, $6,980. | |
| 30. | Received office equipment of $2,780 in partial settlement of
balance due on the Ridge Communities account. Post revenue and collections to the accounts receivable subsidiary ledger. |
Required:
1. Insert the following balances in the general ledger as of June 1:
| 11 | Cash | $28,340 |
| 12 | Accounts Receivable | 4,090 |
| 18 | Office Equipment | 53,620 |
| 41 | Fees Earned | - |
After completing the recording of transactions in parts 3 and 4, 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 general journal first, then from the revenue journal before posting transactions from the cash receipts journal.
If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with “J”, Cash Receipts begin with “CR” and Revenue Journal begins with “R”. For example journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40.
| GENERAL LEDGER | ||||||
|---|---|---|---|---|---|---|
| Date | Item | Post. Ref. | Debit | Credit | Balance Dr. | Balance Cr. |
| Account: Cash #11 | ||||||
| June 1 | Balance | ✔ | ||||
| June 30 | ||||||
| Account: Accounts Receivable #12 | ||||||
| June 1 | Balance | ✔ | ||||
| June 30 | ||||||
| June 30 | ||||||
| June 30 | ||||||
| Account: Office Equipment #18 | ||||||
| June 1 | Balance | ✔ | ||||
| June 30 | ||||||
| Account: Fees Earned #41 | ||||||
| June 30 | ||||||
| June 30 | ||||||
2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1:
| Auto-Flex Co. | $2,580 |
| Cooper Development Co. | 1,510 |
| Ridge Communities | - |
| Yee Co. | - |
After completing the recording of the transactions in the journals in part 3, post to the accounts receivable subsidiary ledger, in chronological order and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording a cash receipt.
If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with “J”, Cash Receipts begin with “CR” and Revenue Journal begins with “R”. For example journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40.
| ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER | |||||
|---|---|---|---|---|---|
| Date | Item | Post. Ref. | Debit | Credit | Balance |
| Account: Auto-Flex Co. | |||||
| June 1 | Balance | ✔ | |||
| June 3 | |||||
| June 23 | |||||
| Account: Cooper Development Co. | |||||
| June 1 | Balance | ✔ | |||
| June 7 | |||||
| June 14 | |||||
| June 16 | |||||
| June 20 | |||||
| Account: Ridge Communities | |||||
| June 10 | |||||
| June 30 | |||||
| Account: Yee Co. | |||||
| June 2 | |||||
| June 18 | |||||
3. and 4. Prepare a single-column revenue journal (p. 40) and cash receipt journal (p. 36). Record transactions in chronological order. The Fees Earned column is used to record cash fees. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for June. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. (You may ignore posting references for the cash receipts and revenue journals in this problem.) Determine the balance in the customer's account before recording a cash receipt.
5. 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.
If an amount box does not require an entry, leave it blank.
| REVENUE JOURNAL | PAGE 40 | |||
|---|---|---|---|---|
| Date | Invoice No. | Account Debited | Post. Ref. | Accounts Rec. Dr. Fees Earned Cr. |
| June 2 | Yee Co. | ✔ | ||
| June 7 | Cooper Development Co. | ✔ | ||
| June 10 | Ridge Communities | ✔ | ||
| June 16 | Cooper Development Co. | ✔ | ||
| June 23 | Auto-Flex Co. | ✔ | ||
| June 30 | ||||
| ( ) ( ) | ||||
| CASH RECEIPTS JOURNAL | PAGE 36 | ||||
|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Fees Earned Cr. | Accts. Rec. Cr. | Cash Dr. |
| June 3 | Auto-Flex Co. | ✔ | |||
| June 14 | Cooper Development Co. | ✔ | |||
| June 18 | Yee Co. | ✔ | |||
| June 20 | Cooper Development Co. | ✔ | |||
| June 30 | Fees Earned | ✔ | |||
| June 30 | |||||
| ( ) | ( ) | ( ) | |||
| JOURNAL | PAGE 1 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Date | Description | Post. Ref. | Debit | Credit | ||||||
| June 30 | Office Equipment | |||||||||
| Accounts Receivable-Ridge Communities | ||||||||||
6. What is the sum of the customer
balances?
$
Homework Answers
Answer-1:
| GENERAL LEDGER | |||||||
| Account | Date | Item | Post. Ref. | Debit | Credit | Balance Dr. | Balance Cr. |
| Cash #11 | |||||||
| Jun-01 | Balance | ✔ | 28,340 | ||||
| Jun-30 | CR14 | 14,320 | 42,660 | ||||
| Accounts Receivable #12 | |||||||
| Jun-01 | Balance | ✔ | 4,090 | ||||
| Jun-30 | R35 | 9,590 | 13,680 | ||||
| Jun-30 | CR14 | 7,340 | 6,340 | ||||
| Jun-30 | S20 | 2,780 | 3,560 | ||||
| Office Equipment #18 | |||||||
| Jun-01 | Balance | ✔ | 53,620 | ||||
| Jun-30 | J11 | 2,780 | 56,400 | ||||
| Fees Earned #41 | |||||||
| Jun-30 | 40 | 6,980 | 6,980 | ||||
| Jun-30 | CR14 | 6,980 | - |
Answer-2:
| ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER | |||||
| Date | Item | Post. Ref. | Debit | Credit | Balance |
| Account: Auto-Flex Co. | |||||
| Jun-01 | Balance | ✔ | 2,580 | ||
| Jun-03 | Cash receipt | CR14 | 2,580 | - | |
| Jun-23 | Invoice No.721 | R35 | 1,330 | 1,330 | |
| Account: Cooper Development Co. | |||||
| Jun-01 | Balance | ✔ | 1,510 | ||
| Jun-07 | Invoice No.718 | R35 | 1,040 | 2,550 | |
| Jun-14 | Cash receipt | CR14 | 1,510 | 1,040 | |
| Jun-16 | Invoice No.720 | R35 | 620 | 1,660 | |
| Jun-20 | Cash receipt | CR14 | 1,040 | 620 | |
| Account: Ridge Communities | |||||
| Jun-10 | Invoice No.719 | R35 | 4,390 | 4,390 | |
| Jun-30 | Journal | S20 | 2,780 | 1,610 | |
| Account: Yee Co. | |||||
| Jun-02 | Invoice No.717 | R35 | 2,210 | 2,210 | |
| Jun-18 | Cash receipt | CR14 | 2,210 | - |
Answer-3 & 4:
| REVENUE JOURNAL | PAGE 40 | ||||
| Date | Invoice No. | Account Debited | Post. Ref. |
Fees Earned Cr. Accounts Rec. Dr. |
|
| Jun-02 | 717 | Yee Co. | ✔ | 2,210 | |
| Jun-07 | 718 | Cooper Development Co. | ✔ | 1,040 | |
| Jun-10 | 719 | Ridge Communities | ✔ | 4,390 | |
| Jun-16 | 720 | Cooper Development Co. | ✔ | 620 | |
| Jun-23 | 721 | Auto-Flex Co. | ✔ | 1,330 | |
| Jun-30 | CR14 | 6,980 | |||
| 16,570 | |||||
| (12) (41) | |||||
| CASH RECEIPTS JOURNAL | PAGE 36 | ||||
| Date | Account Credited | Post. Ref. | Fees Earned Cr. | Accts. Rec. Cr. | Cash Dr. |
| Jun-03 | Auto-Flex Co. | ✔ |
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