Prepare a listing of the accounts receivable customer

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Reference no: EM13484745

Autumn Cove Inc. has $2,010 in the December 1 balance of the accounts receivable account consisting of $880 from the Champion Co. and $1,130 from Veritas Co. Transactions related to revenue and cash receipts completed by Autumn Cove Inc. during the month of December 2014 are as follows:

Dec. 3. Issued Invoice No. 622 for services provided to Palace Corp., $2,340

Dec. 5. Received cash from Champion Co., on account, for $880

Dec. 8. Issued Invoice No. 623 for services provided to Sunny Style Inc., $1,690

Dec. 12. Received cash from the Veritas Co., on account, for $1,130

Dec. 18. Issued Invoice No. 624 for services provided to Amex Services Inc., $2,750

Dec. 23. Received cash from Palace Corp. for Invoice No. 622.

Dec. 28. Issued Invoice No. 625 to Veritas Co., on account, for $980

Dec. 30. Received cash from Rogers Co. for services provided, $80

a) 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.

b) Prepare a listing of the accounts receivable customer balances and verify that the total of the accounts receivable customer balances equals the balance of the accounts receivable controlling account on December 31, 2014.

c) Why does Autumn Cove Inc. use a subsidiary ledger for accounts receivable?

Reference no: EM13484745

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