Question: Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a $480 beginning balance. In addition, there were no collections during the period.

REVENUE JOURNAL Invoice No. Post. Accounts Rec. Dr. Fees Earned Cr. Account Debited Date Ref. 2016 Mar. 1 Hazmat Safety

a. Set up a T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger.

b. Post to the T accounts.

c. Determine the balance in the accounts.

d. Prepare a listing of the accounts receivable customer balances as of March 31, 2016.

REVENUE JOURNAL Invoice No. Post. Accounts Rec. Dr. Fees Earned Cr. Account Debited Date Ref. 2016 Mar. 1 Hazmat Safety Co. $2,875 (a) 112 113 (b) 980 1,700 10 Masco Co. Eco-Systems 114 20 27 Sunrise Enterprises 115 1,240 $6,795 (e)

Step by Step Solution

★★★★★

3.44 Rating (173 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a b and c Accounts Receivable Mar 1Bal 480 Mar 31 6795 Mar 31Bal 7275 Eco Systems Mar 20 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1139-B-A-G-F-A(11281).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Based on the data presented in Exercise 25-21, assume that Ohio Glass wanted to price all products so that they produced the same profit potential as the highest profit product. Thus, determine the...

Based on the data presented in Exercise 12-21, assume that Ohio Glass wanted to price all products so that they produced the same profit potential as the highest profit product. Thus, determine the...

Based on the data presented in Exercise 6-11, journalize the closing entries.

Please answer 5-3 EX 5-1 Identify postings from revenue journal Using the following revenue journal for Zeta Services Inc., identify each references, indicat or (2) posting to subsidiary ledger...

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Nero Enterprises, which had a $530 beginning balance. In addition,...

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Jordan Inc., which had a $1,080 beginning balance. In addition, there...

=+EX 5-1 Identify postings from revenue journal obj. 2 Chapter 5 Accounting Systems 231 Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were...

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for TEK Corp., which had a $620 beginning balance. In addition, there were...

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises which had a $480 beginiing balance. In addition...

Find that the metrics introduced in 1 and 2 are equivalent to the Euclidean metric, whereas the discrete metric (3on X = R' is not. R or Cn with the metric d(x, y) = x1y| + x2 - y2 + + xn - Yn. (2)...

Oday is December 25, 2020 and Tony Fern, the sole shareholder and president of the company, has requested a meeting with you to discuss various tax issues related to the companys December 31, 2020...

It really makes little difference whether you start retirement savings at age 2 5 or at age 4 5 .

1. What is the project communications approach? How is it different from a typical Waterfall project?

What distinguishes a merchandising business from a service business?

Name at least three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.

Living Spaces sells living room sets. Sofa sells for $272 per unit and has variable costs of $155 per unit. Side Table sells for $46 per unit and has variable costs of $26 per unit. Living Spaces...

During the year, the Senbet Discount Tire Company had gross sales of $1.12 million. The firms cost of goods sold and selling expenses were $531,000 and $221,000, respectively. The firm also had notes...

Use the following Unadjusted Trial Balance for Acct 201 as of July 31, 2020 to answer Questions 11 and 12 (The information is based on Problem 3-5B, page 154): ACCT 201 Co. Unadjusted Trial Balance...