a w E Ctrt ry 62 Chapter S Accounting Systems 08. 2 EX 5-10 Revenue and cash receipts journals sdu Summer Inc. has $2,s10 in the October 1 halance of the accounts receivabie Transac ccount consasting of S,060 from Champion Co. and si,450 from wayfarer Co. T mpleted by Lasting Summer Inc. during tions related to revenue and cash receipts co month of October 20Y5 are as follows 3. Issued Iavoice No. 622 for services provided to Palace Corp, $2.890. 5. Received cash from Champion Co, on account, for $1,060. 8. Issued Invoice No. 623 for services provided to Sunny Style Inc., $1,940. 12. Recei ved cash from Wayfarer Co., on account, for $1,450. 18. Issued Invoice No. 624 for services provided to Amex Services Inc., $2,970. 23. Received cash from Palace Corp. for Invoice No. 622 of October 3. 28 Issued Invoice No. 625 to Wayfarer Co, on account, for $900. 30. Received cash from Rogers Co. for services provided, $120. a. Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr, Accounts Receivable Cr., and Cash Dr. Place a check mark ) in the Post Ref column to indicate when the accounts receivable subsidiary ledger should be posted b. Prepare a listing of the accounts receivable customer balances and verify that the total of the accounts receivable customer balances equals the balance of the accounts receivable controlling account on October 31, 20Y5. c Why does Lasting Summer Inc. use a subsidiary ledger for accounts receivable