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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Revenue and cash receipts journals

Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of December 2016 are as follows:

Dec. 2. Issued Invoice No. 512 to Cadence Co., $775.

4. Received cash from CMI Inc. , on account, for $230.

8. Issued Invoice No. 513 to Gabriel Co., $300.

12. Issued Invoice No. 514 to Ells Inc., $910.

19. Received cash from Ells Inc., on account, $605.

20. Issued Invoice No. 515 to Electronic Central Inc., $195.

28. Received cash from Marshall Inc. for services provided, $160.

29. Received cash from Cadence Co. for Invoice No. 512 of December 2.

31. Received cash from McCleary Co. for services provided, $110.

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.

To determine

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).

Cash receipts journal

Cash receipts journal refers to the journal that is used to record the all transaction which involves the cash receipts. For example, the business received cash from customers.

To prepare: A single column revenue journal and cash receipt journal to record the transactions.

Explanation

The transactions which are on account had been posted in the revenue journal and al...

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