Sept. 2. Issued Invoice No. 201 to Triple Play Corp. for services rendered on account, $380.
3. Issued Invoice No. 202 to Mid States Inc. for services rendered on account, $295.
14. Issued Invoice No. 203 to Triple Play Corp. for services rendered on account, $320.
22. Issued Invoice No. 204 to Rose Co. for services rendered on account, $650.
28. Collected Invoice No. 201 from Triple Play Corp.
a. Record the September revenue transactions for Metro Services Company into the revenue journal format shown at the top of the next page.
Revenue Journal
Date
Invoice
No. Account Debited
Post.
Ref.
Accts. Rec. Dr.
Fees Earned Cr
b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for September?
c. What is the September 30 balance of the Triple Play Corp. customer account assuming a zero balance on September 1?
Answer:
a.
REVENUE JOURNAL
Date
Invoice
No. Account Debited
Post.
Ref.
Accounts Rec. Dr.
Fees Earned Cr.
Sept. 2 201 Triple Play Corp. 380
3 202 Mid States Inc. 295
14 203 Triple Play Corp. 320
22 204 Rose Co. 650
30 1,645
b. $1,645 Debit to Accounts Receivable [from revenue journal column total in (a)].
$1,645 Credit to Fees Earned [from revenue journal column total in (a)].
c. $ 320 ($0 + $380 + $320 – $380)