Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $300. Oct. 3. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $420. Oct. 14. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $150. Oct. 24. Issued Invoice No. 324 to Rose Co. for services rendered on account, $630. Collected Invoice No. 321 from Pryor Corp. Oct. 29. a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format: REVENUE JOURNAL Accounts Rec. Dr. Invoice No. DATE Account Debited Post. Ref. Fees Earned Cr. Oct. 2 Oct. 3 Oct. 14 Oct. 24 Oct. 31 b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? Accounts receivable Fees earned c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...
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Oct. 2.
Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $300.
Oct. 3.
Issued Invoice No. 322 to Armor Inc. for services rendered on account, $420.
Oct. 14.
Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $150.
Oct. 24.
Issued Invoice No. 324 to Rose Co. for services rendered on account, $630.
Collected Invoice No. 321 from Pryor Corp.
Oct. 29.
a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format:
REVENUE JOURNAL
Accounts Rec. Dr.
Invoice No.
DATE
Account Debited
Post. Ref.
Fees Earned Cr.
Oct. 2
Oct. 3
Oct. 14
Oct. 24
Oct. 31
b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October?
Accounts receivable
Fees earned
c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?
Transcribed Image Text:Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $300. Oct. 3. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $420. Oct. 14. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $150. Oct. 24. Issued Invoice No. 324 to Rose Co. for services rendered on account, $630. Collected Invoice No. 321 from Pryor Corp. Oct. 29. a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format: REVENUE JOURNAL Accounts Rec. Dr. Invoice No. DATE Account Debited Post. Ref. Fees Earned Cr. Oct. 2 Oct. 3 Oct. 14 Oct. 24 Oct. 31 b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? Accounts receivable Fees earned c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?
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