Reference no: EM131122351
1. Leo Corp. has $2,050 in the October 1 balance of the accounts receivable account consisting of $940 from Charles Co. and $1,110 from Tower Co. Transactions related to revenue and cash receipts completed by Leo Corp. during the month of October 2010 are as follows:
Oct. 3. Issued Invoice No. 622 for services provided to Phillips Corp., $2,150.
5. Received cash from Charles Co., on account, for $940.
10. Issued Invoice No. 623 for services provided to Sunstream Aviation Inc., $3,720.
15. Received cash from Tower Co., on account, for $1,110.
18. Issued Invoice No. 624 for services provided to Amex Services Inc., $2,600.
23. Received cash from Phillips Corp. for Invoice No. 622.
28. Issued Invoice No. 625 to Tower Co., on account, for $2,190.
30. Received cash from Rogers Co. for services provided, $90.
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 an accounts receivable subsidiary ledger on October 31, 2010. Verify that the total of the accounts receivable subsidiary ledger equals the balance of the accounts receivable control account on October 31, 2010.
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