29. The Cash Receipts Journal of the X & Y Co shows the following accounts andaccount balances:SalesP 1,250,000650,0003,026,500Accounts receivableSundry accounts (credit)Sales discount?If sales discount is 5% of sales balance, how much is the cash balance per cashreceipts journal? *

A cash receipts journal is a type of journal that is used to record cash that a company receives…

29. The Cash Receipts Journal of the X & Y Co shows the following accounts and account balances: Sales P 1,250,000 Accounts receivable Sundry accounts (credit) Sales discount 650,000 3,026,500 ? If sales discount is 5% of sales balance, how much is the cash balance per cash receipts journal? *

29. The Cash Receipts Journal of the X & Y Co shows the following accounts and account balances: Sales P 1,250,000 Accounts receivable Sundry accounts (credit) Sales discount 650,000 3,026,500 ? If sales discount is 5% of sales balance, how much is the cash balance per cash receipts journal? *

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

29. The Cash Receipts Journal of the X & Y Co shows the following accounts and
account balances:
Sales
P 1,250,000
650,000
3,026,500
Accounts receivable
Sundry accounts (credit)
Sales discount
?
If sales discount is 5% of sales balance, how much is the cash balance per cash
receipts journal? *

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