Accounting
27th Edition
ISBN: 9781285149165
Author: WARREN
Publisher: CENGAGE C
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Textbook Question
Chapter 5, Problem 5.1APR
Revenue journal;
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. |
| 22. | Issued Invoice No. 2 to K. Tisdale for $350 on account. |
| 24. | Issued Invoice No. 3 to T. Quinn for $85 on account. |
| 25. | Provided educational services, $300, to K. Tisdale in exchange for educational supplies. |
| 27. | Issued Invoice No. 4 to F. Mintz, for $225 on account. |
| 30. | Issued Invoice No. 5 to L). Chase for $170 on account. |
| 30. | Issued Invoice No. 6 to K. Tisdale for $120 on account. |
| 31. | Issued Invoice No. 7 to T. Quinn for $105 on account. |
Instructions
1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Past to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop: F. Mint/; T. Quinn; K Tisdale.
2 Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings:
12 Accounts Receivable
13 Supplies
41 Fees Earned
a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31?
b. What is the balance of the accounts receivable controlling account at July 31?
4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?
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Chapter 5 Solutions
Accounting
Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - Prob. 3DQCh. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Prob. 6DQCh. 5 - What is an electronic form, and how is it used in...Ch. 5 - When are transactions posted in a computerized...Ch. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ
Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Purchases journal The following purchase...Ch. 5 - Purchases journal The following purchase...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Segment analysis McHale Company does business in...Ch. 5 - Segment analysis Back Country Life, Inc., does...Ch. 5 - Identify postings from revenue journal Using the...Ch. 5 - Accounts receivable ledger Based on the data...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify transactions in accounts receivable...Ch. 5 - Prepare journal entries in a revenue journal...Ch. 5 - Posting a revenue journal The revenue journal for...Ch. 5 - Accounts receivable subsidiary ledger The revenue...Ch. 5 - Revenue and cash receipts journals Transactions...Ch. 5 - Revenue and cash receipts journals Lasting Summer...Ch. 5 - Prob. 5.11EXCh. 5 - Prob. 5.12EXCh. 5 - Identify transactions in accounts payable...Ch. 5 - Prepare journal entries in a purchases journal...Ch. 5 - Posting a purchases journal The purchases journal...Ch. 5 - Accounts payable subsidiary ledger The cash...Ch. 5 - Purchases and cash payments journals Transactions...Ch. 5 - Purchases and cash payments journals Happy Tails...Ch. 5 - Error in accounts payable subsidiary ledger After...Ch. 5 - Prob. 5.20EXCh. 5 - Cash receipts journal The following cash receipts...Ch. 5 - Computerized accounting systems Most computerized...Ch. 5 - Prob. 5.23EXCh. 5 - Prob. 5.24EXCh. 5 - Segment revenue horizontal analysis Starbucks...Ch. 5 - Prob. 5.26EXCh. 5 - Segment revenue horizontal and vertical analyses...Ch. 5 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable subsidiary account,...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable account, and accounts...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - Communication Internet-based accounting software...Ch. 5 - Manual vs. computerized accounting systems The...Ch. 5 - Accounts receivable and accounts payable A...Ch. 5 - Design of accounting systems For the past few...
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