Make a cash receipts journal using the following transactions and also include the total debits and the total credit
Q: Which of these transactions requires a debit entry to Cash?A. paid balance due to suppliersB. sold…
A: Cash is one of the asset held by the business, for which normal balance is debit balance. Any…
Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…
A: Purchase Journal Date Vendor Account…
Q: What is the purpose of the cash receipts journal?
A: MEANING : PURPOSE: It is used to track the sales of items while cash is being received, by…
Q: Make cash receipts jounal
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…
Q: A cash investment made by the owner should be recorded in the a. cash receipts journal b.…
A: Cash receipts journal, purchases journal, cash payments journal, and revenue journal are special…
Q: ________are used to measure the speed in which various accounts are converted into sales or cash.
A: Activity ratios are the metric used to measure how efficiently a company can use its assets. They…
Q: Prepare Cash account ledger and show the final balance with neat tabular way
A: Introduction: Ledgers: After journals all the journals are posted in to ledger account separately to…
Q: Describe and use the cash receipts journal. List theree items of information about each cash receipt…
A: Cash Receipts Journal: It is a special book where only cash receipts transactions that are…
Q: where would borrowed cash go on transaction worksheet
A: The borrowed cash is the amount of cash received by the entity through many ways - like from banks,…
Q: What steps are followed in posting from the cash payments journal to the general ledger?
A: Cash payments journal: Cash payments journal refers to the journal that is used to record the all…
Q: Calculate the ending balance of the Cash account.
A: T account: T account is a T-shaped appearance of the journal entries related to a specific account…
Q: Identify the correct journal entry when cash is received from customers - periodic inventory system…
A:
Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…
A: Answer: If a journal entry includes a debit or credit to the Cash account, it is most likely an…
Q: The cash receipts journal is used to record all transactions that include a debit to the Cash…
A: A cash account is a trading account that mandates the account holder to pay for all securities…
Q: ash rece
A: cash receipts journal ought to have a history of your money transactions. exploitation your sales…
Q: he purchase of supplies with cash would be recorded as a. Debit Cash; Credit Supplies Expense. b.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Identify the journal in which each of the following transactions is recorded. Transactions Journals…
A: Every journal entry we record in journals. There are types of journals like - Cash payments journal…
Q: Which of the following is a method to generate cash from accounts receivable? a. Assignment b.…
A: Assignment of accounts receivable refers to the process where the account receivables are assigned…
Q: are used to measure the speed in which various accounts are converted into sales or cash.
A: In finance we use different types or kinds of ratios. These ratios, called financial ratios, are…
Q: I’m confused on how to enter these into the table. Specifically b & c. My table options are…
A: ACCOUNT RECEIVABLE; An account receivable is defined as it is money that has not been paid by…
Q: al work and
A: The cash receipts journal is the primary book maintained to keep the record of the cash received by…
Q: Review the following transactions Requirements Prepare headings for a cash receipts journal.…
A: Cash receipt journal is the recording of the monetary transactions using a cash receipt journal…
Q: A cash book is used to record
A: A cash book contains all cash receipts and payments transactions in detail, including bank deposits…
Q: Sale of goods for cash would be recorded in the _______________ Select one: A. purchase journal B.…
A: Correct option is D i.e. cash receipts journal
Q: Explain the statement: “Receipt and Payment Account is a summarisedversion of Cash Book”.
A: Receipts and payment account is a real account. It records all the cash and bank transactions made…
Q: Identify the items from the following list that are likely to serve as source documents. Is this a…
A: >Analyzing and recording the transaction is the first stem in the Accounting…
Q: . A cash remittance from the branch to the home office is recorded by the home office as a. Debit…
A: Cash Remittance from branch to home Office is recorded by the Home office as Journal Entry will be…
Q: Explain the posting process of the cash payments journal.
A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…
Q: When posting the column totals of a cash payments journal, a debit should be posted to a.Unearned…
A: answer c Account Payable is right answer.
Q: A cash sale is recorded in the: A sales journal B purchase journal c) cash receipts journal D cash…
A: Cash book is maintained by the firms to record all the cash transactions. These may be cash sales,…
Q: Identify the journal (general, sales, purchases, cash receipts or cash payments journal) in which…
A: 1. The all cash receipt are recorded in cash receipts journal 2. The all cash payment are recorded…
Q: Record the transactions in the cash receipts and cash payments journals. Foot and crossfoot the…
A: Cash receipt and cash payment journals are the specific types of journals prepared during the entire…
Q: 1. Prepare chart of accounts using the following CASH EQUIPMENT INVENTORY ACCOUNTS RECEIVABLE…
A: solution chart of accounts we are required to classify the given items as to whether they are…
Q: dentify the journal in which each of the following transactions is recorded. Transactions…
A: Sales journal: Sales journal records only transactions related to credit sales. Cash receipts…
Q: Cash has a normal debit balance. What does this mean in accounting? Be specific and provide as…
A: Current assets are those assets that can be converted into cash within a year whereas noncurrent…
Q: The receipt of cash arising from sales transaction would be recorded in the cash payments journal…
A: The special journal include cash receipts Journal, cash payments journal, sales Journal and…
Q: What steps are followed in posting from the cash receipts journal to the general ledger?
A: (1) Cash receipts journal can also be called as the accounting journal that is considered as the…
Q: Goods purchased on cash are recorded in the :(i) Purchases (journal) book(ii) Sales (journal)…
A: Option 3 cash book is the answer.
Q: Identify the correct journal entry when cash is received from customers - periodic inventory system…
A: Customers are accounts receivables which are decreased and cash is increased.
Q: All cash payments are recorded in: Sales Journal Cash Payments Journal Cash Receipts Journal…
A: Journal: Recording of a business transactions in a chronological order.
Q: After posting is completed in the accounts receivable ledger and the g ledger, the total of the…
A: Solution: Accounts receivable ledgers are subsidiary ledgers where all credit sales with respective…
Q: Which of the following transactions will be recorded in cash payment journal? a. Receipt of income…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Provide some examples of transactions that would be recorded in the Other Accounts CR column of the…
A: Cash receipts journal: A cash receipts journal is a special kind of journal book that only records…
Q: Cash Beginning Balance Cash Sales Disbursements Collections -Other Receipts Ending Balance
A: Cash is the asset for the company. The normal balance is the debit balance of cash account. It shows…
Q: Cash payments journal Sale on account General journal Collection on account Purchases journal…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: 6. Indicate whichjoumal would be used to record the following transactions. Select from the…
A: Sales Journal – For all credit sales of inventory Purchase Journal – For all credit purchase of…
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- Narrative 1: Freshplace Grocery At Freshplace Grocery, customers give their purchases to a sales clerk along with cash. The sales clerk enters the sale in a cash register and puts the money in the register drawer. At the end of the day, the sales clerk gives the cash and the register tape to the cashier. The cashier reconciles the cash and the tape to make sure all of the cash is present. Use the narrative(s) on pg. 136, as selected by your instructor, to prepare a systems flowchart of the process. If you completed any of the previous short problems, use that information to help you construct the diagram. a. Use Microsoft Visio, any other diagramming software, or another Microsoft office product such as Excel to create the diagram you drew in Short Problem 4-5.Parts wriiten Subparts to be solve are the ones to be solved Question Requirement 1For each of the following transactions make the required entries in the General Journal:(See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’s accounting system.)Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent.Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank.Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future.Feb 18 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days.Feb 22 Purchase additional…(Learning Objectives 1, 3: Apply GAAP for proper revenue recognition; accountfor sales discounts) Marshall Industrial Supply offers terms of 2/10, n/30 to its wholesalecustomers. Marshall’s cost of goods sold is 30% of sales. The company had the followingtransactions during October:October 1 Sold $8,000 of merchandise to Pez Co. on account.Sold $1,000 of merchandise to Omaha Corporation, who paid by credit card. Thecredit card company charges Marshall a fee of 2% on credit card sales.October 3October 12 Sold $17,000 of merchandise to Wexler Enterprises on account.October 16 Magnolia paid the balance of what it owed for the purchase on October 7.October 31 Wexler paid the balance of what it owed for the purchase on October 12.October 7 Sold $32,000 of merchandise to Magnolia Company on account.October 8 Pez paid the balance of what it owed for the purchase on October 1.Requirements1. Record Marshall’s transactions, including the cost of goods sold entry for each sale.2. Calculate the…
- . (Learning Objectives 1, 3: Apply GAAP for proper revenue recognition; accountfor sales discounts) Preston Industrial Supply offers terms of 2/10, n/30 to its wholesalecustomers. Preston’s cost of goods sold is 25% of sales. The company had the followingtransactions during October:October 1 Sold $6,000 of merchandise to Penzey Co. on account.Sold $2,000 of merchandise to Brownlee Corporation, who paid by credit card.The credit card company charges Preston a fee of 2% on credit card sales.October 3October 12 Sold $13,000 of merchandise to Wolf Enterprises on account.October 16 Marigold paid the balance of what it owed for the purchase on October 7.October 31 Wolf paid the balance of what it owed for the purchase on October 12.October 7 Sold $23,000 of merchandise to Marigold Company on account.October 8 Penzey paid the balance of what it owed for the purchase on October 1.Requirements1. Record Preston’s transactions, including the cost of goods sold entry for each sale.2. Calculate the…(Learning Objectives 1, 3: Apply GAAP for proper revenue recognition; accountfor sales discounts) At Hometown Arts, gross sales for the month included:Sales on account (2/10, n/30) $150,000Credit card sales (3% credit card fee) $200,000Half of the sales on account were paid within the discount period; the other accounts were paidin full by the end of the month.Requirements1. Journalize the sales on account, the credit card sales, and the cash payments on accountreceived during the month.2. Calculate the net sales revenue for the monthExercise 4-10 (Algo) Recording sales, purchases, shipping, and returns—buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $21,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $14,405. Sydney pays $650 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,400 of the $21,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938. May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
- Exercise 5-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $28,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $19,095. Sydney pays $525 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,200 of the $28,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.(Learning Objectives 1, 3: Apply GAAP for proper revenue recognition; accountfor sales discounts) At Uptown Arts, gross sales for the month included:Sales on account (2/10, n/30) $350,000Credit card sales (2% credit card fee) $250,000Half of the sales on account were paid within the discount period; the other accounts were paidin full by the end of the month.Requirements1. Journalize the sales on account, the credit card sales, and the cash payments on accountreceived during the month.2. Calculate the net sales revenue for the month.(Learning Objectives 1, 2: Apply GAAP for proper revenue recognition; accountfor sales allowances) Niagara Jewelry sells to retailers who then resell the products. Niagaradoes not offer sales discounts for early payment; it asks that customers pay in full within15 days or at the point of sale with a credit card. The company had the following selectedtransactions during July:July 2 Sold $150,000 of merchandise to Lakeside Jewels on account.Sold $12,000 of merchandise to Superior Crystals, which paid by credit card. Thecredit card company charges Niagara a fee of 2% on credit card sales.July 17Shining Stones noticed that some of the merchandise received was damaged, so itreturned $17,000 worth of merchandise to Niagara.July 30July 3July 16July 19Shining Stones paid the balance of what it owed for the purchase on July 17.Lakeside Jewels paid the balance of what it owed for the purchase on July 2.Sold $185,000 of merchandise to Shining Stones on account.Requirements1. Journalize Niagara’s…
- Week 2 Date Transaction description 8 Purchased 13 boxes of Sprearmint Gum from Gillard Wholesalers for $208 each, terms net 30. 10 Paid the full amount owing to Hershel's, Check No. 405. Payment fell outside discount period. 11 Sold 17 boxes of Hazelnut Toffee to Central Candy for $376 each, Invoice No. 870. 11 Paid sales staff wages of $2,031 for the week up to and including yesterday, Check No. 406. 12 Made cash sale of 30 boxes of Organic Chocolate for $992 each. 13 Paid the full amount owing to Restlay, Check No. 407. 13 Paid the full amount owing to Brennan Imports Group, Check No. 408. 13 Candy Man paid the full amount owing on their account. Since Candy Man has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. SALES JOURNAL Date Account InvoiceNo. PostRef. Accounts Receivable Cost of Goods Sold Jun (select) Jun (select) Jun (select) Jun (select)…(Learning Objectives 1, 2, 3, 4, 5: Apply GAAP for proper revenue recognition;account for sales allowances; account for sales discounts; account for accounts receivable;write off account; estimate uncollectible account expense)Bowerston Variety Store had the following balances as of November 1:Accounts Receivable $5,100Allowance for Uncollectible Accounts $360The following selected transactions occurred at Bowerston Variety Store during the month ofNovember:November 3 Sold $300 of merchandise to Martino’s Inc., which paid for the items in cash.The items cost Bowerston $120.Sold $600 of merchandise to Liberty Co., which paid by credit card. The creditcard company charges Bowerston a fee of 2% on credit card sales. Bowerston’scost of this merchandise was $245.November 5Sold $900 of merchandise to Black River Inc., on account. Terms were 2/10,net 30. Bowerston’s cost of this merchandise was $387.November 12November 18 Willow Creek reported that some of the merchandise received was in a…(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.