Darlings Limited opened a store in March 2020. Darling sold discounted holiday packages to customers. All money is deposited at the end of the day. The packages aremarked up at cost plus 20%. The business is a registered VAT vendor and trades only with other registered vendors. The following transactions took place for the month ofMarch:1. The store was started with a capital contribution of R50 000 from the owner, Hello Darling. The amount was deposited directly into the bank account.3.5 customers bought packages for R15 000 cash each. Issued receipts R2-6.7. Kitchen equipment was purchased for the staff from IC. Corp for R20 000 and they were paid via EFT.12. 2 customers bought packages priced at R20 000 cash each. Issued receipts R7-815. R30 000 cash was withdrawn to pay wages.427. Bank statement showed interest earned by the business of R250 for the month.Complete the cash receipts and cash payments journal for the month of March 2020. Totals not Required.Include columns for wages in cash payments journal.

Packages are sold at marked up at cost plus 20% Computation of cash received on March 3rd Cash…

Answered: Complete the cash receipts and cash…

Business

Accounting

Complete the cash receipts and cash payments journal for the month of March 2020. Totals not Required.

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 9MC: Now assume that it is several years later. The brothers are concerned about the firm’s current...

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