The following revenue journal is for Bowman Cleaners Inc. Assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a $820 beginning balance. In addition, there were no collections during the period. REVENUE JOURNAL Accounts Rec. Dr. Invoice Post. Fees Earned Cr. Date No. Account Debited Ref. 20Υ3 Hazmat Safety Co. May 1 112 $4,060 Masco Co. May 10 113 1,515 May 20 114 Alpha GenCorp 2,475 Tillman Inc. May 27 115 2,740 $10,790 May 31 a. The T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger are below. b. Post to the T accounts. c. Determine the balance in the accounts. Accounts Receivable May 31 Bal. Alpha GenCorp Hazmat Safety Co. May 31 Bal. Masco Co. May 31 Bal. Tillman Inc. May 31 Bal. d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3. Gamma Services Inc. Accounts Receivable Customer Balances May 31, 20Y3 Alpha GenCorp Hazmat Safety Co. Masco Co. Tillman Inc. Total accounts receivable
The following revenue journal is for Bowman Cleaners Inc. Assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a $820 beginning balance. In addition, there were no collections during the period. REVENUE JOURNAL Accounts Rec. Dr. Invoice Post. Fees Earned Cr. Date No. Account Debited Ref. 20Υ3 Hazmat Safety Co. May 1 112 $4,060 Masco Co. May 10 113 1,515 May 20 114 Alpha GenCorp 2,475 Tillman Inc. May 27 115 2,740 $10,790 May 31 a. The T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger are below. b. Post to the T accounts. c. Determine the balance in the accounts. Accounts Receivable May 31 Bal. Alpha GenCorp Hazmat Safety Co. May 31 Bal. Masco Co. May 31 Bal. Tillman Inc. May 31 Bal. d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3. Gamma Services Inc. Accounts Receivable Customer Balances May 31, 20Y3 Alpha GenCorp Hazmat Safety Co. Masco Co. Tillman Inc. Total accounts receivable
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 2E: Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer...
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