The revenue journal for Tri Star Consulting Inc. is shown below. The accounts receivable control account has

Question:

The revenue journal for Tri Star Consulting Inc. is shown below. The accounts receivable control account has a May 1, 2008, balance of $1,200 consisting of an amount due from Ayres Co. There were no collections during May.

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 control and fees earned accounts. Post control totals to the two accounts, and determine the ending balances.
d. Verify the equality of the sum of the customer account balances and the accounts receivable control accountbalance.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...