Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Mar. 2. Issued Invoice No. 512 to Santorini Co., $905. Mar. 4. Received cash from CMI Inc., on account, for $205. Mar. 8. Issued Invoice No. 513 to Gabriel Co., $220. Mar. 12. Issued Invoice No. 514 to Yarnell Inc., $845. Mar. 19. Received cash from Yarnell Inc., on account, $555. Mar. 20. Issued Invoice No. 515 to Electronic Central Inc., $195. Mar. 28. Received cash from Marshall Inc. for services provided, $160. Mar. 29. Received cash from Santorini Co. for Invoice No. 512 of March 2. Mar. 31. Received cash from McCleary Co. for services provided, $85. Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Enter the transactions in chronological order.

Answer and Explanation:

The Preparation of revenue Journal and cash receipts Journal is shown below:-

                                        Revenue Journal

Date         Invoice     Debited accounts    Accounts received Dr,

                 number                                      Fees earned Cr,

March 2       512          Santorini Co.                   $905

March 8       513           Gabriel Co.                      $220

March 12      514           Yarnell Inc.                      $845

March 20     515          Electronic Central Inc.     $195

March 31                            Total                           $2,165

                        Cash Receipts Journal

Date      Accounts    Post ref.   Fees          Accounts          Cash Dr,

              credited                    earned Cr,  receivable Cr,                  

March 4   CMI Inc.                                        $205                  $205

March 19  Yarnell Inc                                   $555                   $555

March 28 Marshall Inc.

              (Fees earned)             $160                                        $160

March 29 Santorini Co.                                $905                   $905

March 31 McCleary Co.

              (Fees earned)            $85                                           $85

                           Total              $245         $1,655                    $1,910