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, $370. Oct. 3. Issued Invoice No. 322 to Armor Inc. for services rendered on account, $520. Oct. 14. Issued Invoice No. 323 to Pryor Corp. for services rendered on account, $190. Oct. 24. Issued Invoice No. 324 to Rose Co. for services rendered on account, $770. 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?

Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts.   Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)  On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.

The ledger of Larkspur Company at the end of the current year shows Accounts Receivable $92,000, Credit Sales $850,000, and Sales Returns and Allowances $37,000. (a) (b) (c) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the entry if on July 7 Larkspur determines that Matisse company's $900 balance is uncollectible. Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful Accounts has a credit balance of $1,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful…

The sales journal for Carothers Company is shown below.  SALES JOURNAL   Date Sales Slip No. Customer Name   Post.Ref.   AccountsReceivableDebit Sales taxPayableCredit SalesCredit Dec. 1   824   Jim Danta       3,212   312   2,900     7   825   Tom Tome       645   45   600     22   826   Sue Wasco       666   66   600     31       Totals       4,523   423   4,100     Show how the amounts would be posted to the general ledger accounts.