Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows:Mar. 2. Issued Invoice No. 512 to Santorini Co., $905.4. Received cash from CMI Inc., on account, for $205.8. Issued Invoice No. 513 to Gabriel Co., $220.12. Issued Invoice No. 514 to Yarnell Inc., $845.19. Received cash from Yarnell Inc., on account, $555.20. Issued Invoice No. 515 to Electronic Central Inc., $195.28. Received cash from Marshall Inc. for services provided, $160.29. Received cash from Santorini Co. for Invoice No. 512 of March 2.31. Received cash from McCleary Co. for services provided, $85.Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal:Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark (✓) in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows:
Mar. 2. Issued Invoice No. 512 to Santorini Co., $905.
4. Received cash from CMI Inc., on account, for $205.
8. Issued Invoice No. 513 to Gabriel Co., $220.
12. Issued Invoice No. 514 to Yarnell Inc., $845.
19. Received cash from Yarnell Inc., on account, $555.
20. Issued Invoice No. 515 to Electronic Central Inc., $195.
28. Received cash from Marshall Inc. for services provided, $160.
29. Received cash from Santorini Co. for Invoice No. 512 of March 2.
31. Received cash from McCleary Co. for services provided, $85.
Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal:
Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark (✓) in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education