Question
Asked Aug 23, 2019
61 views

A restaurant's cash register shows sales of $1,400 for the day. Of this amount, $600 was cash sales. The restaurant does not accept any credit cards. What amount represents the sales to be recorded to Accounts Receivable?

check_circle

Expert Answer

Step 1

Accounts receivable is the amount that is yet to be received by the company from the customers on its credit sales. This often gives the customers an opportunity to pay later for the goods in installments or the whole amount.

Step 2

Total sales according to the cash registers= $1,400

Cash sales= $600

Credit sales= Total sales – cash sales

                   = $1,400 - $600

       &nbs...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: With the following questions, why is 'n' value backwards? #1: Wiseman Video plans to make four annua...

A: Annual Deposit: Annual deposit refers to the amount deposited annually in a fund or for a specific p...

question_answer

Q: MARKETING: ​Kroger, the​ country's leading​ grocery-only chain, added a line of private label organi...

A: The provided information has been summarised as below

question_answer

Q: Sheridan Company has had 4 years of record earnings. Due to this success, the market price of its 45...

A: Stock dividends: Stock dividends are the number of shares issued by a company to the existing shareh...

question_answer

Q: Brief Exercise 14-1 Flounder Corporation issues $560,000 of 8% bonds, due in 10 years, with interes...

A: Bond issue price  = Present value of interest component @ market rate  + Present Value of principal ...

question_answer

Q: How do you know which account debits and credits go in?  How do you log into the general journal? Ge...

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question s...

question_answer

Q: I need help solving this problem. The picture attached is the information which was given. I copy an...

A: Compute the missing amounts: 

question_answer

Q: Under what situation will return on equity be higher than return on investment? a. When assets excee...

A: (a) When assets exceed liabilities:Suppose assets is $ 70,000 and liabilities is $ 50,000 and net in...

question_answer

Q: Indicate in which section  of the balance sheets of each accounts I have to classified. current asse...

A: Current assets (CA): Current assets are those assets owned by the company that can be convertible in...

question_answer

Q: Confronting Corruption & Resource Guide to FCPA Answer these questions: 1. Who are covered by th...

A: As you have posted 3 different questions, we are answering the first question.In case you require th...