EX 5-7 Posting a revenue journal
The revenue journal for Tech-Aid Consulting Inc. is shown below. The accounts receivable control account has a July 1, 2012, balance of $805 consisting of an amount due from Astro Star Co. There were no collections during July.
| REVENUE JOURNAL | ||||
| Invoice | Post. | Accounts Rec. Dr. | ||
| Date | No. | Account Debited | Ref. | Fees Earned Cr. |
| 2012 | ||||
| July 4 | 355 | Borman Co. | 1,960 | |
| 9 | 356 | Life Star Inc. | 3,220 | |
| 14 | 357 | Astro Star Co. | 1,490 | |
| 22 | 359 | Borman Co. | 2,650 | |
| 9,320 |
a. Prepare a T account for the accounts receivable customer accounts.
b. Post the transactions from the revenue journal to the customer accounts, and determine their ending balances.
c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts, and determine the ending balances.
d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable account balance.
e. How might a computerized system differ from a revenue journal in recording revenue transactions?
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