Question

Three R’s Co. was established on Jan 20, 2003 to provideeducational services. The services provided during the remainder ofthe month are as follows:

Jan 21. J Dunlop, Involve No 1, $70 on account

22 L. Summers, Invoice No 2, $180 on account

24 T. Morris, Invoice No 3, $65 on account

25 L Summers, $130 in exchange for educational supplies

27 F. Mintz, Invoice No 4 $165 on account

28 D. Bennett Invoice No 5 $120 on account

30. L Summers Invoice No 6 $105 on account

31 T Morris Invoice No 7, $110 on account

Instructions:

1. Jounralize the transactions for January, using asingle-column revenue journal and a two-column general journal.Post to the following customer accounts in the accounts receivableledger, and insert the balance immediately after recording eachentry: D. Bennett; J. Dunlop; F. Mintz; T Morris; L Summers

2. Post the revenu journal and the general journal to thefollowing accounts in the general ledger, inserting the accountbalances only after the last postings:

12 Accounts Rec.

13 Supplies

41 Fees Earned

3. a What is the sum of the balances of the accuonts in tehsubsidary ledger at Jan 31?

b. What is the balance of the controlling account at Jan 31?

4. Assume that on Feb 1, the state in which Three R’s Cooperates begins requiring that sales tax be collected oneducational services. Briefly explain how the revenue journal maybe modified to accomodate sales of services on account that requirethe collection of a state sales tax.

THANK YOU i have no idea what to do



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