Question

Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Mar. 2. Issued Invoice No. 512 to Santorini Co., $905. Mar. 4. Received cash from CMI Inc., on account, for $205. Mar. 8. Issued Invoice No. 513 to Gabriel Co., $220. Mar. 12. Issued Invoice No. 514 to Yarnell Inc., $845. Mar. 19. Received cash from Yarnell Inc., on account, $555. Mar. 20. Issued Invoice No. 515 to Electronic Central Inc., $195. Mar. 28. Received cash from Marshall Inc. for services provided, $160. Mar. 29. Received cash from Santorini Co. for Invoice No. 512 of March 2. Mar. 31. Received cash from McCleary Co. for services provided, $85. Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Enter the transactions in chronological order.

Answer 1

Answer and Explanation:

The Preparation of revenue Journal and cash receipts Journal is shown below:-

Revenue Journal

Date Invoice Debited accounts Accounts received Dr,

number Fees earned Cr,

March 2 512 Santorini Co. $905

March 8 513 Gabriel Co. $220

March 12 514 Yarnell Inc. $845

March 20 515 Electronic Central Inc. $195

March 31 Total $2,165

Cash Receipts Journal

Date Accounts Post ref. Fees Accounts Cash Dr,

credited earned Cr, receivable Cr,

March 4 CMI Inc. $205 $205

March 19 Yarnell Inc $555 $555

March 28 Marshall Inc.

(Fees earned) $160 $160

March 29 Santorini Co. $905 $905

March 31 McCleary Co.

(Fees earned) $85 $85

Total $245 $1,655 $1,910