Prepare Journal Entries in a Revenue Journal Shannon Consulting Company had the following transactions during the month of October: Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $210. 3. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $300. 14. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $110. 24. Issued Invoice No. 324 to Rose Co. for services rendered on account, $440. 29. Collected Invoice No. 321 from Pryor Corp. a. Record the October revenue transactions for Shannon Consulting Company in the following revenue journal format: REVENUE JOURNAL Accounts Rec. Dr. DATE Invoice No. Account Debited Post. Ref. Fees Earned Cr. Oct. 2 14 24 31 b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October Accounts receivable Fees earned c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?

Prepare Journal Entries in a Revenue Journal Shannon Consulting Company had the following transactions during the month of October: Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $210. 3. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $300. 14. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $110. 24. Issued Invoice No. 324 to Rose Co. for services rendered on account, $440. 29. Collected Invoice No. 321 from Pryor Corp. a. Record the October revenue transactions for Shannon Consulting Company in the following revenue journal format: REVENUE JOURNAL Accounts Rec. Dr. DATE Invoice No. Account Debited Post. Ref. Fees Earned Cr. Oct. 2 14 24 31 b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October Accounts receivable Fees earned c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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