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., $6,190.Apr. 5.Received cash from Mendez Co. for the balance owed on its account.Apr. 6.Issued Invoice No. 794 to Pinecrest Co., $2,230.Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,320.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., $6,940.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., $9,140.Apr. 25.Received $2,530 note receivable in partial settlement of the balance due on the Shilo Co. account.Apr. 30. Received cash from fees earned, $15,600.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$13,73012 Accounts Receivable16,72014 Notes Receivable7,280 1. Insert the following balances in the general ledger as of April 1:11 Cash$13,73012 Accounts Receivable16,72014 Notes Receivable7,28041 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 the individual entries and totals to the general ledger. Insert account balancesafter 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 postingtransactions 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/ RevenueJournal, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40.2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1:Mendez Co.$9,610Ohr Co.Pinecrest Co.7,110Shilo 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 oftransactions. 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 "", Cash Receipts beginwith "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.J1|3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. TheFees Earned column is used to record cash fees.4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated lin thenarrative of transactions. Determine the balance in the customer's account before recording a cash receipt.5. 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.If an amount box does not require an entry, leave it blank.6. What is the sum of the customer balances?

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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., $6,190. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,230. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,320. 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., $6,940. 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., $9,140. Apr. 25. Received $2,530 note receivable in partial settlement of the balance due on the Shilo Co. account. Apr. 30. Received cash from fees earned, $15,600. 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 $13,730

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., $6,190. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,230. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,320. 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., $6,940. 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., $9,140. Apr. 25. Received $2,530 note receivable in partial settlement of the balance due on the Shilo Co. account. Apr. 30. Received cash from fees earned, $15,600. 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 $13,730

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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Davos Company performed services on account for $160,000 in Year 1. Davos collected $120,000 cash from accounts receivable during Year 1, and the remaining $40,000 was collected in cash during Year 2. Required a. e. & f. Record the Year 1 transactions in T-accounts and close the Year 1 Service Revenue account to the Retained Earnings account. Record the Year 2 cash collection in the appropriate T-accounts.
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Bourne Incorporated reports a cash balance at the end of the month of $2,620. A comparison of the company's cash records with the monthly bank statement reveals several additional cash transactions: bank service fees ($85), an NSF check from a customer ($350), a customer’s note receivable collected by the bank ($1,000), and interest earned ($35). Required: Record the necessary entries to adjust the balance of cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2 Service Fee Expense selected answer correct 85 selected answer correct Notes receivable incorrect answer please help me finish the problem i keep getting stuck. Its not -85 for credit and its not -35 so what is it
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how do I journalize the entry to record the cash receipts and cash sales on March 1st? Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Required: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment…
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