A cash register tape shows cash sales of $8200 and sales taxes of $410. The journal entry to record this information is
Q: Please help
A: Total cash received = Sales tax + Sales Total cash received = $150 + $3,000 Total cash received =…
Q: While examining cash receipts information, the accounting department determined the following…
A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…
Q: The following selected transactions relate to cash collections for a firm that uses a cash register.…
A: The actual cash in the cash register is debited to the Cash Account and cash receipts per cash…
Q: At the end of the day, the cash register tape lists $885.69 as total income from services. Cash on…
A: Journal entry: The record of business transactions in a chronological order in the journal is…
Q: The December cash records of Kirk's Hardware follow: Cash Receipts Cash Payments Cheque # Date Cash…
A:
Q: The actual cash received during the week ended June 6 for cash sales was $8,276 and the amount…
A: working notes : Cash a/c beginning and ending =$8,276-$8,262=$14
Q: Record the journal entry for Sales and for Cash Over and Short for each of the following separate…
A: The term cash over & short is basically used in case of petty cash transactions. It shows the…
Q: The actual cash received from cash sales was $37,650 and the amount indicated by the cash register…
A: Given, Actual cash receievd = $37,650 Amount indicated by cash register = $37,653
Q: Saifi halwa shop sold RO 200 worth of halwa to customers for cash. Which of the following statement…
A: A journal entry is the first step in recording financial transactions in the books of business…
Q: The actual cash received during the week ended June 7 for cash sales was $18,523, and the amount…
A: Cash receipts are cash received from customers. Cash sales means when customer pays cash on account…
Q: On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…
A: Petty cash book is the accounting book prepared for the recording of outlays of miscellaneous…
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: Bank Reconciliation is a process which is used to adjust the balances of cash book and pass book in…
Q: The actual cash receivec from cash sales was 914 amount indicated by the cash register total was $…
A: A journal entry is a record of a business' financial transactions that is preserved in its…
Q: Record the journal entry for Sales and for Cash Over and Short for each of the following separate…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book…
Q: Entry for Cash Sales; Cash Short The actual cash received from cash sales was $30,376 and the…
A: A journal is a book of original entry in which financial transactions of the business are recorded…
Q: A cash register tape shows cash sales of $7500 and sales taxes of $375. The journal entry to record…
A: Cash register tapes refer to the book/register that inherent all the information related to the…
Q: At the end of the day, the cash register tape shows $1,380 in cash sales but the count of cash in…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: The following information is available to reconcile Severino Co.’s book balance of cash with its…
A: A bank reconciliation statement refers to a outline of banking and business movement that…
Q: The cash register tape for Shamrock Industries reported sales of $ 9,207.80. Record the iournal…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: On March 1, the actual cash received from cash sales was $25,538, and the amount indicated by the…
A: The practice of recording financial activity for the first time in the books of accounts is known as…
Q: Prepare a journal entry to record these cash sales.
A: Journal entry is used to record the transaction in books of accounts of the entity.
Q: Scharf Company is a retailer located in a state without sales tax. The following data were given to…
A: Journal: Journal is the book of original entry. Journal consists of the day today financial…
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: Adjusted entries:
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: Bank Reconciliation Statement
Q: In performing accounting services for small businesses, you encounter the following situations…
A: Sales taxes payable is a liability. Increase in liabilities should be credited. Increases in…
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: In cash book balance and pass book balance doesn't match then the adjusted cash book is prepared on…
Q: Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: Cash Receipts Cash Payments Date Cash Debit Cheque # Cash Credit 4-Dec $ 4,170…
A: Solution1- Bank Reconciliation Dec 31 2020…
Q: Entry for Cash Sales; Cash Over The actual cash received from cash sales was $14,953 and the amount…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Entry for Cash Sales; Cash Over The actual cash received from cash sales was $71,315, and the…
A: Journal entry: It is a set of economic events that can be measured in monetary terms. These are…
Q: Scharf Company is a retailer located in a state without sales tax. The following data were given to…
A: Journal entry is a record maintained in the books of accounts for the financial transaction made. It…
Q: The Cash Receipts Journal of the Marites Co shows the following accounts and account balances Sales…
A: cash receipt journal records cash receipt from the cash sales, receipt from accounts receivable and…
Q: Record the journal entry for Sales and for Cash Over and Short for each of the following separate…
A: Cash Over or Short Journal Entry A cash over or short journal entry mostly occurs in a retail type…
Q: The actual cash received from cash sales was $71,315, and the amount indicated by the cash register…
A: A journal entry is prepared by the company to record the non-economic & economic transactions of…
Q: he company records a deposit of $34,956 as $33,956 in the book. What is the entry to correct the…
A: Solution: Actual deposit = $34,956 Recorded amount = $33,956 Short amount recorded in books =…
Q: EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along…
A: Petty Cash Account is created o meet sundry and recurring expenses by an entity that are of small…
Q: Entry for cash sales; cash short The actual cash received from cash sales was $83,452, and the…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The actual cash received from cash sales was $18,371, and the amount indicated by the cash register…
A: The difference between the cash sale and cash recorded in the cash register is called as cash short…
Q: On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for…
A: Petty Cash fund: It is a fund established to meet the tiny cash expenses of the business. An amount…
Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…
A: Sales discount = Sales x discount rate = $1,715 x 2% = $34.30 Cash received = Sales - Sales…
Q: At the end of the day, the cash register tape shows $1,360 in cash sales, but the count of cash in…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: Journalize any required entries from the above records for Kirk’s Hardware. Prepare the company’s…
A: Particulars Debit Credit Cash (Dr) $ 300 To Rent receipt $…
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: Part 1:
A cash register tape shows cash sales of $8200 and sales taxes of $410. The
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- Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Enter the following transactions in a cash payments journal like the one illustrated in the chapter: Aug. 2 Issued Check No. 193 in payment of August rent (Rent Expense), 2,200. 6 Issued Check No. 194 to Mason Hardware in payment of merchandise purchased on account, 1,700, less 2% discount. The check was written for 1,666. 10 Issued Check No. 195 to Augies Wholesale for cash purchase of merchandise, 2,730.
- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Screpcap Co. had the following transactions during the first week of June: June 1Purchased merchandise on account from Acme Supply, 2,700, plus freight charges of 160. 1Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, 720, less 1% discount. 1Sold merchandise on account to F. Colby, 246, plus 5% state sales tax plus 2% city sales tax. June 2Received cash on account from N. Dunlop, 315. 2Made cash sale of 413 plus 5% state sales tax plus 2% city sales tax. 2Purchased merchandise on account from Permon Co., 3,200, plus freight charges of 190. 3Sold merchandise on account to F. Ayres, 211, plus 5% state sales tax plus 2% city sales tax. 3Issued Check No. 220 to Ellis Co. for merchandise purchased on account, 847, less 1% discount. 3Received cash on account from F. Graves, 463. 4Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, 950, less 1% discount. 4Sold merchandise on account to K. Stanga, 318, plus 5% state sales tax plus 2% city sales tax. 4Purchased merchandise on account from Mason Milling, 1,630, plus freight charges of 90. 4Received cash on account from O. Alston, 381. 5Made cash sale of 319 plus 5% state sales tax plus 2% city sales tax. 5Issued Check No. 222 to Acme Supply for merchandise purchased on account, 980, less 1% discount. Required 1. Record the transactions in a general journal. 2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, design the following special journals for Screpcap: (a) Sales journal (b) Cash receipts journal (c) Purchases journal (d) Cash payments journal
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.
- When the cash count sheets for the day equal $14280 and the cash register reports $14280 the journal entry to record the sales will include aThe actual cash received from cash sales was $83,452, and the amount indicated by the cash register total was $83,480. Journalize the entry to record the cash receipts and cash sales. If an amount box does not require an entry, leave it blank.A cash register tape shows cash sales of $7500 and sales taxes of $375. The journal entry to record this information is Cash 7875 Sales Revenue 7500 Sales Taxes Payable 375 Cash 7875 Sales Tax Revenue 375 Sales Revenue 7500 Cash 7500 Sales Revenue 7500 Cash 7500 Sales Tax Expense 375 Sales Revenue 7875