Requirement 1:
REVENUE JOURNAL | ||||
Date | Invoice No. | Account Debited | Post. Ref. |
Accounts Rec. Dr. Fees Earned Cr. |
Oct.2 | 321 | Pryor Corp. | $370 | |
Oct.3 | 322 | Armor Inc. | $520 | |
Oct.14 | 323 | Pryor Corp. | $190 | |
Oct.24 | 324 | Rose Co. | $770 | |
Oct.31 | $1,850 |
Requirement 2:
From revenue journal,
Accounts receivable | $1,850 |
Fees Earned | $1,850 |
Requirement 3:
Answer: $190
Calculations:
Pryor Corp. | ||
Oct.2 | Sales on account | $370 |
Oct.14 | Sales on account | $190 |
Oct.29 | Collections | ($370) |
Oct.31 Balance | $190 |
Prepare Journal Entries in a Revenue Journal Horizon Consulting Company had the following transactions during the...
Prepare Journal Entries in a Revenue Journal Horizon Consulting Company had the following transactions during the month of October: Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $280. Oct. 3. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $390. Oct. 14. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $140. Oct. 24. Issued Invoice No. 324 to Rose Co. for services rendered on account, $590. Oct....
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