Chapter 5 HWRevenue and cash receipts journals; accounts receivable subsidiary and general ledgersTransactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows:Apr. 2.Issued Invoice No. 793 to Ohr Co., $5,200.Apr. 5.Received cash from Mendez Co. for the balance owed on its account.Apr. 6,Issued Invoice No. 794 to Pinecrest Co, $1,870.Apr. 13.Issued Invoice No. 795 to Shilo Co., $2,790.Post revenue and collections to the accounts receivable subsidiary ledger.Apг. 15.Received cash from Pinecrest Co. for the balance owed on April 1.Apr. 16.Issued Invoice No. 796 to Pinecrest Co., $5,830.Post revenue and collections to the accounts receivable subsidiary ledger.<>Арг. 19.Received cash from Ohr Co. for the balance due on invoice of April 2.Apг. 20.Received cash from Pinecrest Co. for balance due on invoice of April 6.Apr. 22,Issued Invoice No. 797 to Mendez Co., $7,680.Apг. 25.Received $2,120 note receivable in partial settlement of the balance due on the Shilo Co. account.Apг. 30.Received cash from fees earned, $13,10o.Post revenue and collections to the accounts receivable subsidiary ledger.Required:1. Insert the following balances in the general ledger as of April 1:11 Cash$11,79012 Accounts Receivable14,36014 Notes Receivable6,25041 Fees EarnedAfter completing the recording of the transactions in the journals in part 3, total each of the columns of the special journals, and post theindividual entries and totals to the general ledger. Insert account balances after the last posting. When posting to the general ledger, post inchronological order. However, if there is more than one entry on the same date, be sure to post transactions from the revenue journal beforeposting transactions from the cash receipts journal.If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with "J", Cash Receipts begin with "CR" and CashReceipts begins with "R". For example journal/ Cash Receipts/ Cash Receipts, page 1/36/40 respectively. POST. REF. is simply J1, CR36, andFLEXDraviousNext

General ledger states the system of record keeping which is maintained by company for its financial…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21 Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 7% note dated November 21 in settlement of a past due account. Dec. 31 Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20 Received payment of note and interest from McKenna Outer Wear Co. required: Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles CHART OF ACCOUNTS Fasteners Inc. Co. General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-McKenna Outer Wear Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated…
Record each transaction in a journal entry. Explanations are not required.
Prepare adjusting entries per instructions
Hi, How do I calculate this using the direct method? Thanks
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Mar. 17 Received $810 from Shawn McNeely and wrote off the remainder owed of $4,820 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,820 cash in full payment. Journalize the above transactions, using the direct write-off method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Mar. 17. Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29. Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. July 29. July 29.
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections to the accounts receivable subsidiary ledger. Apr. 15. Received cash from Pinecrest Co. for the balance owed on April 1 Apr. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and collections to the accounts receivable subsidiary ledger. Apr. 19. Received cash from Ohr Co. for the balance due on invoice of April 2 Apr. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6 Apr. 22. Issued Invoice No. 797 to Mendez Co., $7,470. Apr. 25. Received $3,200 note receivable in…
The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the following normal balances: $93,708 100 22,540 1,334 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18@ $285) 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Land Salaries payable Common stock Retained earnings During Year 8, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 7. 2. Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8. The equipment was appraised for $10,000 and the van was appraised for $30,000. Requirement 3. Paid $9,000 on May 1, Year 8, for one year's office rent in advance. 4. Purchased $300 of supplies on account 5. Purchased 120 alarm systems at a cost of $280 each. Pald cash for the purchase. 6. After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts…
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Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashed

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