The debits and credits from two transactions are presented in the following customer account:
NAME Moravian Products Inc.
ADDRESS 46 W. Main St.
Date Item
Post.
Ref. Debit Credit Balance
Aug. 1 Balance ✓1,200
10 Invoice No. 119 R24 7501,950
17 Invoice No. 106 CR46610 1,340
Describe each transaction and the source of each posting.
Answers:
Aug.
10. Provided $750 services on account to Moravian Products Inc., itemized on Invoice No. 119. Amount posted from Page 24 of the revenue journal.
17. Collected cash of $610 from Moravian Products Inc. (Invoice No. 106). Amount posted from Page 46 of the cash receipts journal.