Prepare a journal entry to record these cash sales.
Q: At the end of the day, the cash register tape lists $1,021.18 as total income from services. Cash on…
A:
Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…
A: Petty cash: Expenses like postage , transport charges , Fuel , power bill, Etc are to be recorded in…
Q: The actual cash received from cash sales was $33,161 and the amount indicated by the cash register…
A: Working: Cash received = $33,161 Cash Register = $33,185 Cash Short = $33,185 - $33,161 = $24 Sales…
Q: Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1.…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
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Q: Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1.…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: The check register of Clover Co. indicated a cash balance of $1,580.12 January 1. During the month…
A: Ending cash balance will be beginning cash balance plus total deposit minus total disbursement.
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: Jeremiah Restoration Company completed the following selected transactions during January: Jan.…
A: Petty Cash Petty cash is refer as the small amount of money which are used for an expenditure, where…
Q: at the end of the day, the cash register's record shows $1,272, but the count of cash in the cash…
A: The cash short and over records the difference in amount of cash register and cash count. It can…
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: Ignatius operates the imprest system for petty cash. At 1 July there was a float of $150, but it was…
A: Total cash available=Float 1 july+Received from staff+Cheque drawn=$150+$25+$500=$675
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: Cedar Springs Company completed the following selected transactions during June: June 1.…
A: Date General Journal Debit Credit 1-Jun Petty cash 1,310…
Q: You are to write up a three-column cash book for Allen Electronics Inc. from the information given…
A: Cash book is prepared to record the cash transactions of the business.
Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: At the end of the day, the cash register tape lists $881.40 as total income from services. Cash on…
A: Cash short and over = Cash income recorded on tape - Cash collected = $881.40 - ($18.25 + $433.60 +…
Q: At the end of the day, the cash register's record shows $1,286, but the count of cash in the cash…
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Q: The following documentation was found in Vector Enterprises's petty cash box, for the month of…
A: Company need to replenish the petty cash fund at the end of the accounting period or when 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 Branch Company's book balance of cash with its…
A: Bank reconciliation is a statement prepared to compare the bank balance and cash book balance. The…
Q: Your examination of the accounts revealed the following information: 1. On December 28, the branch…
A: SOLUTION INVESTMENT IS AN ASSET OR ITEM ACQUIRED WITH THE GOEL OF GENERATING INCOME .
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 actual cash received during the week ended June 7 for cash sales was $19,081, and the amount…
A: Cash over/(short)=$19,081-$19,023=$58
Q: The actual cash received from cash sales was $34,936, and th amount indicated by the cash register…
A: Solution: Entry to record cash sales is as under:
Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…
A: Formula: Total petty cash payments = delivery expense + mileage expense + postage expense +…
Q: On September 1, French company has decided to initiate a petty cash fund in the amount of $800.…
A: Journal entry is a process of recording and classifying business transactions into books of accounts…
Q: A cash account in the morning of January 2, 2020 showed the following items in the petty cash of…
A: Correct amount of petty cash on the balance sheet as of December 31, 2020 = Currencies and coins…
Q: The following selected transactions relate to cash collections for a firm that mainta $100 change…
A: Journal- A general journal entry is used to visualize the business transactions of any organization.…
Q: Milner Department Store has one cash register on which it performs daily cash counts. Recently, the…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
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: 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: At the end of the day, the cash register tape shows $1,360 in cash sales, but the count of cash in…
A: Count of cash in the register is debited and the sales are credit. The difference is transferred to…
Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: At the end of the day, the cash register tape lists $881.40 as total income from services. Cash on…
A: Total cash = coins + currency + traveler's checks + customers' checks = 18.25+433.60+100.00+427.00 =…
Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: Nakashima Gallery had the following petty cash transactions in February of the current year.…
A: Introduction: A Journal entry is a record of a commercial transaction in an organization's…
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: Jeremiah Restoration Company completed the following selected transactions during January.…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1.…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: The actual cash received during the week ended June 7 for cash sales was $19,001, and the amount…
A: The difference between Actual cash present and cash per book goes to the Cash Short and Over…
Q: The following selected transactions relate to cash collections for a firm that maintains a $100…
A: Journal entry is a primary entry that records the financial transactions initially.. Cash is debited…
Q: Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Raj Department store has one cash register. On a recent day, the cash register tape reported sales in the
amount of $12,675.12. Actual cash in the register (after deducting and removing the opening change of
$100) was $12,649.81, which was deposited in the firm’s account.
Required:
Prepare a
Step by step
Solved in 2 steps
- 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?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?
- The following transactions were completed by Yang Restaurant Equipment during January, 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. Yang Restaurant Equipment 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. 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 Aging Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts? If using QuickBooks or general ledger, ignore Steps 2, 3, and 4.The following transactions were completed by Yang Restaurant Equipment during January, 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. Yang Restaurant Equipment 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 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. 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?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?
- 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.Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows: Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those illustrated in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Wisk Away Cleaning Services Inc. uses the following accounts:On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
- 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.On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.
