Textbook Problem

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.