EX 5-8 Accounts receivable subsidiary ledger

The revenue and cash receipts journals for Fantasy Productions Inc. are shown below. The accounts receivable control account has a July 1, 2014, balance of $3,670 consisting of an amount due from Crowne Studios Inc.


"Revenue Journal Page 16
Date
Invoice
No. Account Debited
Post.
Ref.
Accts. Rec. Dr.
Fees Earned Cr.
2014
July 6 1 Franklin Broadcasting Co. . . . . . . . . . . . . . . . . . . . . .  1,750
14 2 Gold Coast Media Inc. . . . . . . . . . . . . . . . . . . . . . . . .  4,500
22 3 Franklin Broadcasting Co. . . . . . . . . . . . . . . . . . . . . .  2,200
27 4 Crowne Studios Inc. . . . . . . . . . . . . . . . . . . . . . . . . . .  1,250
28 5 Amber Communications Inc. . . . . . . . . . . . . . . . . . .  3,940
31 13,640
(12) (41)
Cash Receipts Journal Page 36
Date Account Credited
Post.
Ref.
Fees
Earned Cr.
Accts. Rec.
Cr.
Cash
Dr.
2014
July 6 Crowne Studios Inc. . . . . . . . . . . . . . . . . . . . . .  — 3,670 3,670
11 Fees Earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 3,200
18 Franklin Broadcasting Co. . . . . . . . . . . . . . . . .  — 1,750 1,750
28 Gold Coast Media Inc. . . . . . . . . . . . . . . . . . .  — 4,500 4,500
31 3,200 9,920 13,120
(41) (12) (11)





Prepare a listing of the accounts receivable customer balances and verify that the total agrees with the ending balance of the accounts receivable controlling account.


Answer:

FANTASY PRODUCTIONS INC.
Accounts Receivable Customer Balances
July 31, 2014
Amber Communications Inc. $3,940
Crowne Studios Inc. 1,250
Franklin Broadcasting Co. 2,200
Gold Coast Media Inc. 0
Total accounts receivable $7,390
Accounts Receivable
(Controlling)
Balance, July 1, 2014 $ 3,670
Total debits (from revenue journal) 13,640
Total credits (from cash receipts journal) (9,920)
Balance, July 31, 2014 $ 7,390