Asked by autumn hager on Apr 26, 2024
Verified
Two transactions were posted to the following customer account:NAME: Roswell Communications, Inc.Address: 345 Alien Way 
Describe each transaction and the source of each posting.
Customer Account
An account that records all transactions between a business and its customers, including purchases, payments, and credits.
- Apprehend the purpose and configuration of subsidiary ledgers in financial systems.
- Examine and elucidate the effects of business transactions on corporate financial statements.
Verified Answer
ZK
Zybrea KnightMay 03, 2024
Final Answer :
May 14Collected cash of $625 from Roswell Communications, Inc.
(Invoice No. 522). Amount posted from page 230 of the cash receipts journal.25Sold $3,500 on account to Roswell Communications, Inc., itemized on Invoice No. 545. Amount posted from page 115 of the revenue journal.
(Invoice No. 522). Amount posted from page 230 of the cash receipts journal.25Sold $3,500 on account to Roswell Communications, Inc., itemized on Invoice No. 545. Amount posted from page 115 of the revenue journal.
Learning Objectives
- Apprehend the purpose and configuration of subsidiary ledgers in financial systems.
- Examine and elucidate the effects of business transactions on corporate financial statements.