Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
5th Edition
ISBN: 9780134078922
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem 4.14SE
Journalizing reversing entries
Lake View Associates accrued $7,000 of Service Revenue at December 31. Lake View Associates received $13,500 on January 15, including the accrued revenue recorded on December 31.
Requirements
1. Record the
2. Record the reversing entry.
3. Journalize the cash receipt.
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Revenue and Cash Receipts Journals
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows:
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REVENUE JOURNAL
PAGE 8
DATE
Invoice No.
Account Debited
Post. Ref.
Accounts Rec. Dr.Fees Earned Cr.…
Revenue and Cash Receipts Journals
Transactions related to revenue and cash receipts completed by Augusta Inc. during the month of March 20Y8 are as follows:
Mar. 2.
Issued Invoice No. 512 to Santorini Co., $1,095.
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Issued Invoice No. 513 to Gabriel Co., $385.
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Received cash from Santorini Co. for Invoice No. 512 of March 2.
31.
Received cash from McCleary Co. for services provided, $90.
Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Enter the transactions in chronological order.
Question Content Area
REVENUE JOURNAL
PAGE 8
DATE
Invoice No.
Account Debited
Post. Ref.…
The month-end journal entry to adjust its cash balance to agree to the adjusted book balance should include a:
a) debit to interest revenue for $125
b) credit to service revenue for $4000
c) credit to bank service charge expense for $35
d) credit to note receivable for $2500
Chapter 4 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
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