Business, 31.03.2021 01:00 maxraph108

Revenue and Cash Receipts Journals Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account consisting of $1,060 from Champion Co. and $1,450 from Wayfarer Co. Transactions related to revenue and cash receipts completed by Lasting Summer Inc. during the month of October 20Y5 are as follows:
Oct. 3. Issued Invoice No. 622 for services provided to Palace Corp., $2,890.
Oct. 5. Received cash from Champion Co., on account, for $1,060.
Oct. 8. Issued Invoice No. 623 for services provided to Sunny Style Inc., $1,940.
Oct. 12. Received cash from Wayfarer Co., on account, for $1,450.
Oct. 18. Issued Invoice No. 624 for services provided to Amex Services Inc., $2,970.
Oct. 23. Received cash from Palace Corp. for Invoice No. 622 of October 3.
Oct. 28. Issued Invoice No. 625 to Wayfarer Co., on account, for $900.
Oct. 30. Received cash from Rogers Co. for services provided, $120.
A. Prepare a single-column revenue journal and a cash receipts journal to record these transactions.
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 October 31, 20Y5.
C. Why does Lasting Summer Inc. use a subsidiary ledger for accounts receivable?

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 19:30

What preforms the best over the long term? a) bonds b) mutual funds c) stocks d) certificate of deposit

Answers: 2

Answer

Business, 22.06.2019 02:20

Larissa has also provided the following information. during the year, the company raised $36 million in new long-term debt and retired $20.52 million in long-term debt. the company also sold $22 million in new stock and repurchased $32.4 million. the company purchased $54 million in fixed assets, and sold $6,107,400 in fixed assets. larissa has asked dan to prepare the financial statement of cash flows and the accounting statement of cash flows. she has also asked you to answer the following questions: 1. how would you describe east coast yachts' cash flows? 2. which cash flows statement more accurately describes the cash flows at the company? 3. in light of your previous answers, comment on larissa's expansion plans.

Answers: 2

Answer

Business, 22.06.2019 16:30

Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?

Answers: 3

Answer

Business, 22.06.2019 18:00

Your subscription to investing wisely weekly is about to expire. you plan to subscribe to the magazine for the rest of your life, and you can renew it by paying $85 annually, beginning immediately, or you can get a lifetime subscription for $620, also payable immediately. assuming that you can earn 6.0% on your funds and that the annual renewal rate will remain constant, how many years must you live to make the lifetime subscription the better buy?

Answers: 2

Answer

You know the right answer?

Revenue and Cash Receipts Journals Lasting Summer Inc. has $2,510 in the October 1 balance of the a...

Questions