Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare journal entries in a revenue journal horiz

Prepare Journal Entries in a Revenue Journal Horizon Consulting Company had the following transactions during...

60.1K

Verified Solution

Question

Accounting

Prepare Journal Entries in a Revenue Journal

Horizon Consulting Company had the following transactions during the month of October:

Oct. 2. Issued Invoice No. 321 to Pryor Corp. for services rendered on account, $280.
Oct. 3. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $390.
Oct. 14. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $140.
Oct. 24. Issued Invoice No. 324 to Rose Co. for services rendered on account, $590.
Oct. 29. Collected Invoice No. 321 from Pryor Corp.

a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format:

REVENUE JOURNAL
DATE Invoice No. Account Debited Post. Ref. Accounts Rec. Dr. Fees Earned Cr.
Oct. 2
Oct. 3
Oct. 14
Oct. 24
Oct. 31

b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October?

Accounts receivable $
Fees earned $

c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1? $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students