what is a revenue journal?
Revenue journal is used in accounting to record revenue. Revenue journal also called sales journal and it is used to recodring of sales entries either in cash or credit.
Describe when an adjusting entry for deferred revenue is needed and what the journal entry will include
Identify Postings from Revenue Journal Using the following revenue journal for Bowman Cleaners Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts: REVENUE JOURNAL Post. Ref. Accounts Rec. Dr. Fees Earned Cr. Date Invoice No. Account Debited 2013 May 1 May 10 May 20 May 27 112 113 Hazmat Safety Co. Masco Co. Alpha GenCorp Tillman Inc $2,050 980 2,800 114 115 1,240...
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, $370. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $520. Oct. 3. Oct. 14. Oct. 24. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $190. Issued Invoice No. 324 to Rose Co. for services rendered on account, $770. Oct....
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....
Posting a Revenue Journal The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of $940 consisting of an amount due from Aladdin Co. There were no collections during July REVENUE JOURNAL Page 12 Invoice No. Post. Accounts Rec. Dr. Ref. Fees Earned Cr. Date Account Debited 20Y2 2,285 July 4 July 9 355 356 357 Clearmark Co. Life Star Inc. 3,770 July 18 Aladdin Co. 1,740 359 Clearmark Co. 3,095...
Posting a Revenue Journal The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of $830 consisting of an amount due from Aladdin Co. There were no collections during July REVENUE JOURNAL Page 12 Invoice No. Post. Ref. Accounts Rec. Dr. Fees Earned Cr. Date Account Debited 2092 July 4 355 Clearmark Co. 2,015 July 9 3,330 356 357 Life Star Inc. Aladdin Co. 1,535 July 18 July 22 359 Clearmark...
Accounts Receivable Subsidiary Ledger The revenue journal and cash receipts journal for Polaris Productions Inc. follow. The accounts receivable control account has a January 1, 2014, balance of $3,860, consisting of an amount due from Clear Pointe Studios Inc. REVENUE JOURNAL Accounts Rec. D Fees Earned Co Date Invoice No. Account Debited Post. Ref. 2044 Jan. 6 Echo Broadcasting Co. Gold Coast Media Inc. Echo Broadcasting Co. Clear Pointe Studios Inc Jan. 29 Amber Communications Inc. Jan. 31 10,3 (12)...
Journal entries for Special Revenue Fund transactions The Library Special Revenue Fund commenced calendar year 2019 with a cash balance of $5, no liabilities, and a restricted fund balance of $5. Prepare journal entries to record these transactions in the Library Special Revenue Fund and, where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) 1. The General Fund transferred $100 cash to the Library Special Revenue Fund to help...
Revenue Journal The following revenue transactions occurred during November: Nov. 3. Issued Invoice No. 80 to Lemon Co. for services provided on account, $398. 12. Issued Invoice No. 81 to Triple A Inc. for services provided on account, $254. 28. Issued Invoice No. 82 to Murphy Inc. for services provided on account, $623. Record these three transactions in the following revenue journal. REVENUE JOURNAL DATE Invoice No. Account Debited Post. Ref. Accounts Rec. Dr. Fees Earned Cr. Nov. 3 Nov....
Accounts Receivable Subsidiary Ledger The revenue journal and cash receipts journal for Polaris Productions Inc. follow. The accounts receivable control account has a January 1, 2014, balance of $9,580, consisting of an amount due from Clear Pointe Studios Inc. REVENUE JOURNAL Accounts Rec. Dr. Date Invoice No. Account Debited Post. Ref. Fees Earned Cr. 2014 Jan. 6 Echo Broadcasting Co. 2,850 Jan. 14 Gold Coast Media Inc. 11,200 Echo Broadcasting Co. 4,990 Jan. 22 Jan. 25 Clear Pointe Studios Inc...