The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of $625 consisting of an amount due from Aladdin Co. There were no collections during July. REVENUE JOURNAL Page 12 Invoice Post. Accts. Rec. Dr. Fees Earned Cr. Date No. Account Debited Ref. 20Υ2 July Clearmark Co... 4 355 1,890 Life Star Inc.... 9. 356 3,410 Aladdin Co. 18 357 950 Clearmark Co.. 22 359 3,660 31 9,910 a. Prepare a T account for the accounts receivable customer accounts. b. Post the transactions from the revenue journal to the customer accounts and determine their ending balances. c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts and determine the ending balances. d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance. e. How might a computerized system differ from a revenue journal in recording revenue transactions?

The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 20Y2, balance of $625 consisting of an amount due from Aladdin Co. There were no collections during July. REVENUE JOURNAL Page 12 Invoice Post. Accts. Rec. Dr. Fees Earned Cr. Date No. Account Debited Ref. 20Υ2 July Clearmark Co... 4 355 1,890 Life Star Inc.... 9. 356 3,410 Aladdin Co. 18 357 950 Clearmark Co.. 22 359 3,660 31 9,910 a. Prepare a T account for the accounts receivable customer accounts. b. Post the transactions from the revenue journal to the customer accounts and determine their ending balances. c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts and determine the ending balances. d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance. e. How might a computerized system differ from a revenue journal in recording revenue transactions?

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 7E: The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account...

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