Using the two special journals and the two-column general journal, journalize the transactions for…

Transactions related to revenue and cash receipts completed by Elite Engineering Services during the period November 2–30, 2008, are as follows:

Nov.

2

Issued Invoice No. 717 to Yamura Co., $850.  

3

Received cash from AGI Co. for the balance owed on its account.  

7

Issued Invoice No. 718 to Phoenix Development Co., $430.  

10

Issued Invoice No. 719 to Ross and Son, $2,010.  

14

Received cash from Phoenix Development Co. for the balance owed on November 1  

16

Issued Invoice No. 720 to Phoenix Development Co., $295.  

19

Received cash from Yamura Co. for the balance due on invoice of November 2.  

20

Received cash from Phoenix Development Co. for invoice of November 7.  

23

Issued Invoice No. 721 to AGI Co., $695.  

30

Recorded cash fees earned, $3,510.  

30

Received office equipment of $1,600 in partial settlement of balance due on the    

Ross and Son account.

Instructions

1. Insert the following balances in the general ledger as of November 1:

11

Cash

$18,940

12

Accounts Receivable

2,250

18

Office Equipment

32,600

41

Fees Earned

2. Insert the following balances in the accounts receivable subsidiary ledger as of November 1:

AGI Co.

$1,490

Phoenix Development Co.

760

Ross and Son

Yamura Co.

3. Prepare a single-column revenue journal and a cash receipts journal. Use the following column headings for the cash receipts journal: Fees Earned, Accounts Receivable, and Cash. The Fees Earned column is used to record cash fees. Insert a check mark (??) in the Post. Ref. column.

4. Using the two special journals and the two-column general journal, journalize the transactions for November. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative 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.

6. Determine that the subsidiary ledger agrees with the controlling account in the general ledger.

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