Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows:Mar. 2. Issued Invoice No. 512 to Santorini Co., $905.4. Received cash from CMI Inc., on account, for $205.8. Issued Invoice No. 513 to Gabriel Co., $220.12. Issued Invoice No. 514 to Yarnell Inc., $845.19. Received cash from Yarnell Inc., on account, $555.20. Issued Invoice No. 515 to Electronic Central Inc., $195.28. Received cash from Marshall Inc. for services provided, $160.29. Received cash from Santorini Co. for Invoice No. 512 of March 2.31. Received cash from McCleary Co. for services provided, $85.Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal:Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark (✓) in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.

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Asked Dec 9, 2019
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Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows:
Mar. 2. Issued Invoice No. 512 to Santorini Co., $905.
4. Received cash from CMI Inc., on account, for $205.
8. Issued Invoice No. 513 to Gabriel Co., $220.
12. Issued Invoice No. 514 to Yarnell Inc., $845.
19. Received cash from Yarnell Inc., on account, $555.
20. Issued Invoice No. 515 to Electronic Central Inc., $195.
28. Received cash from Marshall Inc. for services provided, $160.
29. Received cash from Santorini Co. for Invoice No. 512 of March 2.
31. Received cash from McCleary Co. for services provided, $85.
Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal:
Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark (✓) in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.

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Expert Answer

Step 1

Revenue journal: Revenue journal refers to the journal that is used to record the fees earned on account. In the revenue journal, all revenue transactions are recorded only when the business performed service to the customer on account (credit).

Step 2

Prepare a single column revenue journal and cash receipt...

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Revenue Journal Accounts Rec. Date Invoice Account Post Dr. fees earned No. Debited Ref. Cr. 20Υ8 Mar 2 S Company 512 $905 $220 513 Company $845 12 514 Y Inc. $195 20 515 EC Inc. $2,165 31

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