The Cash Receipts Journal of the Company shows the following accounts and account balances:•Sales P 125,000•Accounts receivable 65,000•Sundry accounts (credit) 1,802,650 •Sales discount ? If sales discount is 4% of sales balance, how much is the cash balance per cash receipts journal?

Q: A company had the following sales transactions: 1. Total debit card sales = $270,000. 2. Total…

A: Sales Transactions Revenue: Sales revenue is the amount of money earned by a corporation through the…

Q: Alco Roofing Company's beginning accounts receivable were $200,000 and ending accounts receivable…

A: Equation is  opening receivables + credit sales - collections = ending receivables

Q: For the month of December, the records of ABC Corporation show the following information: Gross…

A: Gross sales = cash sales + credit  sales Credit sales = Gross sales - cash sales = P120,000 -…

Q: Sales revenue for Bancroft was $560,000. The following data are from the accounting records of…

A: The cash collection is calculated as sales revenue plus change in receivable balance

Q: A company had the following sales transactions: 1. Total debit card sales = $230,000. 2. Total…

A: Total sales include all the transactions related to sales i.e debit card, credit card, check sales,…

Q: On March 4, Micro Sales makes $12,300 in sales on bank credit cards which charge a 1% service charge…

A: In the case of credit card sales, there can be 2 Instances: 1st Instance: Payment Received by the…

Q: A company reports the following Infommation for the year. Net credit sales $110,000 12,000 98,000…

A: Receivables turnover Ratio: The receivable turnover ratio is a kind of measuring ratio how the is…

Q: A company has cash sales of $75,000, credit sales of $320,000, sales returns and allowances of…

A: Net sales = Gross sales - Sales returns and allowances - Sales discounts Gross sales includes both…

Q: Use the information in each of the following separate cases to calculate the unknown amount.

A:

Q: You are given the following information: Receivables at 1 January 20X3 $10,000 Receivables at 31…

A: We have the following information: Receivables at 1 January 20X3 $10,000 Receivables at 31 December…

Q: On January 15 , Tundra Co. sold merchandise to customers for cash of $ 41,000 ( cost $ 28,000 ) .…

A: A journal entry is the act of keeping records of any transaction either economic or non-economic.…

Q: Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total…

A: Dear student, as per Bartleby answering guidelines we can answer only the first question if the…

Q: Beginning accounts receivable were $277,500 and ending accounts receivable were $303,300. Cash…

A: Accounts Receivable Balance: The accounts receivable balance is the outstanding balance in the…

Q: Lite Travel Company's accounting records include the following information: Payments to suppliers…

A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the…

Q: Net credit sales $120,000 Average accounts receivable 20,000 Cash collections on credit sales…

A: Solution We are provided with the following information Net credit sales = $ 120,000 Average…

Q: JKL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending…

A: Average Collection Period: In terms of Accounts Receivable, the average collection time of the…

Q: Total sales at a store are $1,000,000 and 80% of those sales are on credit. Thebeginning and ending…

A: Accounts receivable:   Accounts receivable refers to the amount to be received within a short…

Q: Corentine Company had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total…

A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

Q: Faith Company provided the following information relating to current operations: Accounts…

A: Accounts receivable as on year end is calculated as below: Beginning accounts receivable + Credit…

Q: During the year, the following sales transactions occur. There is a charge of 3% on all credit card…

A: Given information is:  There is a charge of 3% on all credit card transactions and a 1% charge on…

Q: XYZ Company's Average Accounts payable is OMR 240,000 and total Purchases is OMR 700,000. The Cash…

A: The average payment days are the number of days taken by the company to pay off its creditors.

Q: Von Company provided the following data for the current vear in relation to accounts receivable:…

A: Solution- Particulars Amount $ Current Assets-   Account Receivable-   Opening  560000.00…

Q: Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending…

A: The account receivables are also known by the name of debtors. These are the values due to a firm on…

Q: 29. The Cash Receipts Journal of the X & Y Co shows the following accounts and account balances:…

A: A cash receipts journal is a type of journal that is used to record cash that a company receives…

Q: Flyer Company has provided the following information. Cash sales, $325,000 Credit sales, $850.000…

A: Formula: Total sales = Cash sales + Credit sales. Cash and credit sales combined called as Credit…

Q: You gather the following information before doing the month end account reconciliation. Cash per…

A: The bank reconciliation statement is prepared to adjust the cash book and pass book to match their…

Q: A company had beginning accounts receivable of $175,000. All sales were on account and totalled…

A: Formulas: Ending balance = Beginning accounts receivable + Credit sales - Cash collected

Q: Beginning accounts receivable were $135,600 and ending accounts receivable were $128,640. All sales…

A: Cash collected from customers = Beginning accounts receivable + Credit sales - Ending accounts…

Q: From the following list of balances extract from Vivian Trading's book as at 31 May RM RM 400 Trade…

A: Introduction: Trial Balance: All the ledger accounts balances are posted in to Trial balance to…

Q: Karen company's net accounts receivable were P430,000 on December 31, 19x8 and P480,000 on December…

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

Q: XYZ Company's Average Accounts payable is OMR 240,000 and total Purchases is OMR 700,000. The Cash…

A: Credit purchase = total purchase x (1 - cash purchase) = 700000 x (1-0.30) = OMR 490,000

Q: Yanie's coffee beans store had accounts receivable of $18,000 at the beginning of the year and…

A: Cash received from customers = Beginning balance of Accounts Receivable + Credit sales during the…

Q: VC Corporation's books disclosed the following information as of December 31, 2021 P 2,000,000 Net…

A: Formula: Accounts receivable turnover = Net credit sales / Average accounts receivable where,…

Q: Logan Sales provides the following​ information:   Net credit​ sales: $770,000 Beginning net…

A: Net Credit Sales = $770,000 Beginning Accounts receivables = $45,000 Ending account receivables =…

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: Lor's Company has the following items: cash in a checking account, $4,000; cash in a savings…

A: Cash and cash equivalents = Cash in checking account + Cash in saving account + government security…

Q: Entry for cash sales; cash short Instructions Chart of Accounts Journal Instructions The actual cash…

A: The question is related to Journal Entry. The details of transaction is given.

Q: On June 30, Petrov Co. has $128,700 of accounts receivable. July 4 Sold $7,245 of merchandise (that…

A: Prepare the journal entries: Date Accounts title Debit ($) Credit ($) 4-Jul Accounts…

Q: Accounts Receivable Balance Ray’s beginning and ending accounts receivables balances are $147,990…

A: Formula: Cash collections for the period =  Beginning Accounts receivable + Credit sales - Ending…

Q: The Cash Receipts Journal of the Silicon Valley Company shows the following accounts and account…

A: Cash balance as per cash receipt journal = sales + accounts receivable + sundary accounts

Q: KL Company’s sales are $1,000,000 and 80% of those sales are on credit. The beginning and ending…

A: Solution: Net Credit Sales = 80% of $1,000,000                             = 800,000 For calculating…

Q: Accounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts…

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: Alco Roofing Company’s beginning accounts receivable were $200,000. Ending accounts receivable were…

A: Cash collected from customers = Beginning accounts receivable + credit sales - Ending accounts…

Q: Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and…

A: June collections= (25% x May month sales) + (75% x June month sales) 25% of May month sales = (15%…

Q: Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records…

A: Introduction: The term "revenue" refers to the quantity of money earned. It is the entire amount of…

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.