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., $7,120. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,570. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,820. 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., $7,980. 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., $10,510. Apr. 25. Received $2,910 note receivable in partial settlement of the balance due on the Shilo Co. account. Apr. 30. Received cash from fees earned, $17,940. 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 $16,500 12 Accounts Receivable 20,100 14 Notes Receivable 8,750 41 Fees Earned - After completing the recording of the transactions in the journals in part 3, total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. When posting to the general ledger, post in chronological order. However, if there is more than one entry on the same date, be sure to post transactions from the revenue journal before posting 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 Revenue Journal begins with “R”. For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40. GENERAL LEDGER Date Item Post. Ref. Debit Credit Balance Dr. Balance Cr. Account: Cash # 11 Apr. 1 Balance ✔ fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Apr. 30 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 Account: Accounts Receivable # 12 Apr. 1 Balance ✔ fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 Account: Notes Receivable # 14 Apr. 1 Balance ✔ fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 Account: Fees Earned # 41 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 50 fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: Mendez Co. $11,550 Ohr Co. - Pinecrest Co. 8,550 Shilo Co. - After completing the recording of the transactions in the journals in part 3, post to the accounts receivable subsidiary ledger in chronological order, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording a cash receipt. 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 Revenue Journal begins with “R”. For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Date

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., $7,120. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,570. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,820. 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., $7,980. 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., $10,510. Apr. 25. Received $2,910 note receivable in partial settlement of the balance due on the Shilo Co. account. Apr. 30. Received cash from fees earned, $17,940. 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 $16,500 12 Accounts Receivable 20,100 14 Notes Receivable 8,750 41 Fees Earned - After completing the recording of the transactions in the journals in part 3, total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. When posting to the general ledger, post in chronological order. However, if there is more than one entry on the same date, be sure to post transactions from the revenue journal before posting 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 Revenue Journal begins with “R”. For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40. GENERAL LEDGER Date Item Post. Ref. Debit Credit Balance Dr. Balance Cr. Account: Cash # 11 Apr. 1 Balance ✔ fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Apr. 30 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 Account: Accounts Receivable # 12 Apr. 1 Balance ✔ fill in the blank 11 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 16 fill in the blank 17 fill in the blank 18 fill in the blank 19 fill in the blank 20 fill in the blank 22 fill in the blank 23 fill in the blank 24 fill in the blank 25 fill in the blank 26 fill in the blank 28 fill in the blank 29 fill in the blank 30 fill in the blank 31 fill in the blank 32 Account: Notes Receivable # 14 Apr. 1 Balance ✔ fill in the blank 33 fill in the blank 34 fill in the blank 35 fill in the blank 36 fill in the blank 38 fill in the blank 39 fill in the blank 40 fill in the blank 41 fill in the blank 42 Account: Fees Earned # 41 fill in the blank 44 fill in the blank 45 fill in the blank 46 fill in the blank 47 fill in the blank 48 fill in the blank 50 fill in the blank 51 fill in the blank 52 fill in the blank 53 fill in the blank 54 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: Mendez Co. $11,550 Ohr Co. - Pinecrest Co. 8,550 Shilo Co. - After completing the recording of the transactions in the journals in part 3, post to the accounts receivable subsidiary ledger in chronological order, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording a cash receipt. 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 Revenue Journal begins with “R”. For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Date

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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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., $7,120.
Apr. 5.		Received cash from Mendez Co. for the balance owed on its account.
Apr. 6.		Issued Invoice No. 794 to Pinecrest Co., $2,570.
Apr. 13.		Issued Invoice No. 795 to Shilo Co., $3,820.
		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., $7,980. 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., $10,510.
Apr. 25.		Received $2,910 note receivable in partial settlement of the balance due on the Shilo Co. account.
Apr. 30.		Received cash from fees earned, $17,940. 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	$16,500
12	Accounts Receivable	20,100
14	Notes Receivable	8,750
41	Fees Earned	-

After completing the recording of the transactions in the journals in part 3, total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. When posting to the general ledger, post in chronological order. However, if there is more than one entry on the same date, be sure to post transactions from the revenue journal before posting 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 Revenue Journal begins with “R”. For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40.

GENERAL LEDGER
Date	Item	Post. Ref.	Debit	Credit	Balance Dr.	Balance Cr.

Account: Cash # 11

Apr. 1	Balance	✔	fill in the blank 1	fill in the blank 2	fill in the blank 3	fill in the blank 4
Apr. 30		fill in the blank 6	fill in the blank 7	fill in the blank 8	fill in the blank 9	fill in the blank 10

Account: Accounts Receivable # 12

Apr. 1	Balance	✔	fill in the blank 11	fill in the blank 12	fill in the blank 13	fill in the blank 14
		fill in the blank 16	fill in the blank 17	fill in the blank 18	fill in the blank 19	fill in the blank 20
		fill in the blank 22	fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26
		fill in the blank 28	fill in the blank 29	fill in the blank 30	fill in the blank 31	fill in the blank 32
Account: Notes Receivable # 14

Apr. 1	Balance	✔	fill in the blank 33	fill in the blank 34	fill in the blank 35	fill in the blank 36
		fill in the blank 38	fill in the blank 39	fill in the blank 40	fill in the blank 41	fill in the blank 42
Account: Fees Earned # 41

		fill in the blank 44	fill in the blank 45	fill in the blank 46	fill in the blank 47	fill in the blank 48
		fill in the blank 50	fill in the blank 51	fill in the blank 52	fill in the blank 53	fill in the blank 54

2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1:

Mendez Co.	$11,550
Ohr Co.	-
Pinecrest Co.	8,550
Shilo Co.	-

After completing the recording of the transactions in the journals in part 3, post to the accounts receivable subsidiary ledger in chronological order, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording a cash receipt. 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 Revenue Journal begins with “R”. For example Journal/ Cash Receipts/ Revenue Journal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40.

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Date

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