why would an automated system omit postings to a control account as performed in ste 551381 | Homework Solutions

PR 5-2A Revenue and cash receipts journals; accounts receivable and general ledgers

Transactions related to revenue and cash receipts completed by Aspen Architects Co. during the period June 2–30, 2012, are as follows:

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June 2.

Issued Invoice No. 793 to Nickle Co., $4,900.

5.

Received cash from Mendez Co. for the balance owed on its account.

6.

Issued Invoice No. 794 to Preston Co., $1,760.

13.

Issued Invoice No. 795 to Shilo Co., $2,630.

Post revenue and collections to the accounts receivable subsidiary ledger.

15.

Received cash from Preston Co. for the balance owed on June 1.

16.

Issued Invoice No. 796 to Preston Co., $5,500.

Post revenue and collections to the accounts receivable subsidiary ledger.

19.

Received cash from Nickle Co. for the balance due on invoice of June 2.

20.

Received cash from Preston Co. for invoice of June 6.

22.

Issued Invoice No. 797 to Mendez Co., $7,240.

25.

Received $2,000 note receivable in partial settlement of the balance due on the Shilo Co. account.

30.

Recorded cash fees earned, $12,350.

Post revenue and collections to the accounts receivable subsidiary ledger.

Instructions

1. Insert the following balances in the general ledger as of June 1:

11

Cash

$11,350

12

Accounts Receivable

13,860

14

Notes Receivable

6,000

41

Fees Earned

—

2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1:

Mendez Co.

$7,970

Nickle Co.

—

Preston Co.

5,890

3. Prepare a single-column revenue journal and a cash receipts journal. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark (v) in the Post. Ref. column when recording cash fees.

4. Using the two special journals and the two-column general journal, journalize the transactions for June. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer’s account before recording a cash receipt.

5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting.

6. Determine that the subsidiary ledger agrees with the controlling account in the general ledger.

7. Why would an automated system omit postings to a control account as performed in step 5 for Accounts Receivable?

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