Question: Comenius Learning Centers was established on May 20, 2014, to provide educational services. The services provided during the remainder of the month are as follows:

Comenius Learning Centers was established on May 20, 2014, to provide educational services. The services provided during the remainder of the month are as follows:

May 21. Issued Invoice No. 1 to J. Dunlop for $90 on account.

22. Issued Invoice No. 2 to K. Tisdale for $320 on account.

24. Issued Invoice No. 3 to T. Patrick for $75 on account.

25. Provided educational services, $200, to K. Tisdale in exchange for educational supplies.

27. Issued Invoice No. 4 to F. Mintz for $190 on account.

30. Issued Invoice No. 5 to D. Chase for $145 on account.

30. Issued Invoice No. 6 to K. Tisdale for $115 on account.

31. Issued Invoice No. 7 to T. Patrick for $85 on account.

Instructions

1. Journalize the transactions for May, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Patrick; K. Tisdale.

2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings:

12 Accounts Receivable

13 Supplies

41 Fees Earned

3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at May 31?

b. What is the balance of the accounts receivable controlling account at May 31?

4. Assume Comenius Learning Centers began using a computerized accounting system to record the sales transactions on June 1. What are some of the benefits of the computerized system over the manual system?

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