Question

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 2016 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 to record these transactions. Enter transactions in chronological order.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, 2016

Answer 1

Step-by-step explanation:

REVENUE JOURNAL

DATE. DES. NO. DR. CR

3 Oct. Palace 622. $2,890

8 Oct Sunny. 623. $1,940

18 Oct Amex. 624. $2,970

28 Oct Wayfarer 625. $900

30 Oct. Rogers. . $120

Total revenue. $8,820

Less pmt in the month $3,010

Amount receivable. $5,810

Account receivable

Date. Description. Dr. Cr

1 Oct. Bal b/f. $2,510

3 Oct. Palace $2,890

5 Oct. Champion. $1,060

8 Oct Sunny. $1,940

12 Oct. Wayfare. $1,450

18 Oct Amex. $2,970

23 Oct. Palace. $2,890

28 Oct Wayfarer $900

Balance c/d. $5,810