Concept explainers
Posting a revenue journal
The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 2016, balance of $625 consisting of an amount due from Aladdin Co. There were no collections during July.
a. Prepare a T account for the accounts receivable customer accounts.
b.
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?
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Working Papers, Chapters 1-17 for Warren/Reeve/Duchac's Accounting, 26th and Financial Accounting, 14th
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