Answer:
<h2>Sage Learning Centers</h2>
1A. Single-Column Revenue Journal:
July 21 J. Dunlop $115
July 22 K. Tisdale $350
July 24 T. Quinn $85
July 25 K. Tisdale $300
July 27 F. Mintz $225
July 30 D. Chase $170
July 30 K. Tisdale $120
July 31 T. Quinn $105
Accounts Receivable $1,470
Being summary of customers account for the month of July.
1B. General Journal
Debit Description Debit Credit
July 25 Supplies $300
Accounts Receivable (K. Tisdale) $300
To record the exchange of educational supplies for services.
July 31 Accounts Receivable $1,470
Fees Earned $1,470
To record the Fees Earned during July.
1C. Accounts Receivable Ledger:
J. Dunlop's Account
Date Description Debit Credit Balance
July 21 Accounts Receivable $115 $115
K. Tisdale's Account
Date Description Debit Credit Balance
July 22 Accounts Receivable $350 $350
July 27 Accounts Receivable $300 $650
July 27 Supplies $300 $350
July 30 Accounts Receivable $120 $470
T. Quinn's Account
Date Description Debit Credit Balance
July 24 Accounts Receivable $85 $85
July 31 Accounts Receivable $105 $190
F. Mintz's Account
Date Description Debit Credit Balance
July 27 Accounts Receivable $225 $225
D. Chase's Account
Date Description Debit Credit Balance
July 30 Accounts Receivable $170 $170
2. General Ledger
12 Accounts Receivable
Date Description Debit Credit Balance
July 25 Supplies $300 ($300)
July 31 Fees Earned $1,470 $1,170
13 Supplies Account
Date Description Debit Credit Balance
July 25 Accounts Receivable $300 $300
41 Fees Earned Account
Date Description Debit Credit Balance
July 31 Accounts Receivable $1,470 $1,470
3A. The sum of the balances of the customer accounts in the subsidiary ledger at July 31 is $1,170.
3B. The balance of the accounts receivable controlling account at July 31 is $1,170.
Explanation:
Journals are important prime books of original entry. They record business transactions as they occur. Some are used as memorandum records to accumulate the total for the period, like the Revenue or Sales Journal. Others show the accounts to be debited and the ones to be credited in the general ledger.
