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Concept explainers
Statement of cash flows: This statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period.
Journal: Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system
Rules of Debit and Credit:
Following rules are followed for debiting and crediting different accounts while they occur in business transactions:
- Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
- Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.
The amount of cash received from the customers during the reporting period.
To Journalize: The amount of cash received from the customers during the reporting period, under the given situations.
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Chapter 21 Solutions
LooseLeaf Intermediate Accounting w/ Annual Report; Connect Access Card
- Accounting Questionarrow_forwardH7. What specific information would you need to begin a cash receipts forecast? Identify three items that would be helpful. Please explain with detailsarrow_forwardComputing; the Cash Balance Listed below are ten items that may be found on a balance sheet. Required: 1. Indicate with or no whether each of the items should be included in the cash balance presented on the balance sheet. Also indicate the normal balance sheet treatment for those items not included as cash. 2. Next Level What is the overriding concept in determining whether an item included in or excluded from cash?arrow_forward
- Use the image for the following question: Q1. Honesty & Co. What is the adjusted cash amount of cash receipts during OctoberA. 760,650B. 772,150C. 779,650D. 789,650 Q2. Honesty & Co. What is the adjusted amount of disbursements per bank during October? A. 624,700B. 605,700C. 633,200D. 615,700 Q3. Honesty & Co. What is the adjusted cash balance as of September 30, 2021? A. 3,000B. 2,500C. None of the optionsD. 2,000 Q4. Honesty & Co. What is the unadjusted amount of cash receipts per bank during October? A. 789,650B. None of the optionsC. 780,450D. 790,450 Q5. Honesty & Co. What is the unadjusted amount of cash disbursements per book during October? A. None of the optionsB. 640,300C. 630,300D. 633,200arrow_forward6. Record structures for receipt of cash on account Refer to figure 2-30 and the discussion about updating master files from transaction files. The discussion presents the record structures for a sales transaction. Prepare a diagram (similar to 2-30) that presents the record structures for the receipt of cash from customers who are paying their outstanding accounts receivable. Assume a cash receipts file exists, which contains the transaction records to be processed. Show the subsidiary and general ledger files. Explain each step in the update process.arrow_forwardConsider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true? A. "Pre-numbered documents" can be an example of three of the five elements. B. "Schedule of accounts receivable" can be an example of all five elements. C. Both "Pre-numbered documents" can be an example of three of the five elements and "Schedule of accounts receivable" can be an example of all five elements are true. D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.arrow_forward
- Use the following to answer questions 1 – 4 Determine whether the firm reports each of the following items as part of cash and cash equivalents in the balance sheet. Cash or Cash Equivalent? (Yes or No) Item 1 Accounts receivable 2 30 day treasury bill 3 Checks 4.93 day Certificate of Depositarrow_forwardUsing the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that No posting is required. CASH PAYMENTS JOURNAL Page 46 Date Ck.No. Account Debited Post.Ref. OtherAccountsDr. AccountsPayableDr. Cash Cr. 20Y1 July 3 611 Energy Systems Co. (a) 4,000 4,000 July 5 612 Utilities Expense (b) 310 310 July 10 613 Prepaid Rent (c) 3,200 3,200 July 16 614 Flowers to Go, Inc. (d) 1,250 1,250 July 19 615 Advertising Expense (e) 640 640 July 22 616 Office Equipment (f) 3,600 3,600 July 25 617 Echo Co. (g) 5,500 5,500 July 26 618 Office Supplies (h) 250 250 July 31 619 Salaries Expense (i) 1,750 1,750 July 31 9,750 10,750 20,500 (j) (k) (l) Post reference represents: a. b. c. d. e. f. g.…arrow_forward
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningFinancial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
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