The revenue and cash receipts journals for Polaris Productions Inc. follow. The accounts receivable control account has a January 1, 20Y4, balance of $3,790 consisting of an amount due from Clear Pointe Studios Inc.
REVENUE JOURNALPage 16 Date Invoice No. Account Debited Post. Ref. Accts. Rec. Dr. Fees Earned Cr. 20Y4
Jan. 6 1 Echo Broadcasting Co. . . . . . . . . . . . . . . . . . . . . . . . . ✓ 2,300 14 2 Gold Coast Media Inc.. . . . . . . . . . . . . . . . . . . . . . . . . ✓ 5,100 22 3 Echo Broadcasting Co. . . . . . . . . . . . . . . . . . . . . . . . . ✓ 2,980 25 4 Clear Pointe Studios Inc. . . . . . . . . . . . . . . . . . . . . . . ✓ 1,650 29 5 Amber Communications Inc. . . . . . . . . . . . . . . . . . . ✓ 3,650 31 15,680 (12) (41) CASH RECEIPTS JOURNAL Page 36 Date Account Credited Post. Ref. Fees Earned Cr. Accts. Rec. Cr. Cash Dr. 20Y4 Jan. 6 Clear Pointe Studios Inc. . . . . . . . . . . . . . . . . . ✓ — 3,790 3,790 11 Fees Earned. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 3,200 18 Echo Broadcasting Co. . . . . . . . . . . . . . . . . . . ✓ — 2,300 2,300 28 Gold Coast Media Inc. . . . . . . . . . . . . . . . . . . ✓ — 5,100 5,100 313,200 11,190 14,390 (41) (12) (11)
Prepare a listing of the accounts receivable customer balances and verify that the total agrees with the ending balance of the accounts receivable controlling account.
Answer:
Amber Communications Inc.$3,650
Clear Pointe Studios Inc.1,650
Echo Broadcasting Co.2,980
Gold Coast Media Inc.0
Total accounts receivable$8,280
Note: The balances are determined by adding the debits and subtracting the credits
for each subsidiary receivable account.
Balance, January 1, 20Y4$ 3,790
Total debits (from revenue journal)15,680
Total credits (from cash receipts journal)(11,190)
Balance, January 31, 20Y4$ 8,280
