Question

Revenue Journal; Accounts Receivable subsidiary and General Ledgers Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: July 21. Issued Invoice No. 1 to J. Dunlop for $115 on account. July 22. July 24. Issued Invoice No. 2 to K. Tisdale for $350 on account. Issued Invoice No. 3 to T. Quinn for $85 on account. July 25. Provided educational services, $300, to K. Tisdale in exchange for educational supplies. July 27. Issued Invoice No. 4 to F. Mintz for $225 on account. July 30. Issued Invoice No. 5 to D. Chase for $170 on account. July 30. Issued Invoice No. 6 to K. Tisdale for $120 on account. July 31. Issued Invoice No. 7 to T. Quinn for $105 on account.

Answer 1

1a)

Journalize the transaction as follows:

Revenue Journal
Date	Invoice no.	Account Debited	Post	Acct. Rec. Dr.
			Ref.	Fees Earned Cr.
July 21	1	J. Dunlop		$115
July 22	2	K. Tisdale		$350
July 24	3	T. Quinn		$85
July 27	4	F. Mintz		$225
July 30	5	D. Chase		$170
July 30	6	K. Tisdale		$120
July 31	7	T. Quinn		$105
July 31		Total		$1,170

_______________________________________________________________

1b)

Journalize and post the appropriate transaction:

Journal
Date	Description	post ref.	Debit	Credit
July 25	Supplies		$300
	Fees Earned			$300

______________________________________________________________

1c)

Post to the following customer accounts in the accounts receivable ledger

Accounts Receivable Subsidiary Ledger
Date	Item	Post ref.	Dr	Cr	Balance
Name: D.Chase
July. 01	balance				$0
July. 30	Sale		$170		$170
Name: J. Dunlop
July. 01					$0
July. 21			$115		$115
Name: F. Mintz
July. 01					$0
July. 27	Sale		$225		$225
Name: T. Quinn
July. 01
July. 24	Sale		$85		$85
July. 31	Sale		$105		$190
Name: K. Tisdale
July. 01
July. 22	Sale		$350		$350
July. 30	Sale		$120		$470

______________________________________________________________________

2.

Post the revenue journal and the general journal to the following accounts in the general ledger

General Ledger
					Balance
Date	Item	Post ref.	Dr	Cr	Dr	Cr
Account: Accounts Receivable #12
July. 01					$0
July. 31	Sales		$1,170		$1,170
Account: Supplies #13
July. 01
July. 25	Fees Earned	P30	$300		$300
Account: Fees Earned #41
July. 01
July. 25	Supplies			$300		$300

____________________________________________________________________

3a)

Compute the sum of the balances of the customer accounts in the subsidiary ledger at July 31

Schedule of Accounts receivable as at July 31
Customer name	Amount
D.chase	$170
J.Dunlop	$115
F.Mintz	$225
T.Quinn	$190
K.Tisdale	$470
Total	$1,170

________________________________________________________________

3b)

$1170  is the balance of the accounts receivable controlling account at July 31