Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac

Exercise 51

Revenue journal; accounts receivable subsidiary and general ledgers
Guardian Security Services was established on January 15 to provide security services. The services provided during the remainder of the month are as follows:

Instructions
1. Journalize the transactions for January, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: Amber Waves Co.; Carson Co.; Hopkins Co.; Murphy Co.; Qwik-Mart Co.
2. Post the revenue journal to the following accounts in the general ledger, inserting the account balances only after the last postings:

3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at January 31
b. What is the balance of the accounts receivable controlling account at January 31
4. Assume Guardian Security Services began using a computerized accounting system to record the sales transactions on February 1. What are some of the benefits of the computerized system over the manual system