The total on the "Cash Receipts" report generated by QuickBooks® software at January 31 would be equal to the a.balance in Accounts Receivable at January 31 b.total of the purchases journal on January 31 c.total revenue earned for the month of January d.total of the Cash Dr. column of the cash receipts journal in a manual system
Q: Calculate the following: a. Determine the cash receipts for April based on the following data: Cash…
A: Cash account balances and account receivable balances are identified in cash budgets. The cash…
Q: While examining cash receipts information, the accounting department determined the following…
A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…
Q: Prepare a proof of cash for the month of April following t "book to bank" method.
A: Step 1 Bank reconciliation is a summarized statement of banking and entity’s activity that…
Q: The end-of-the month balance in Igado’s cash disbursement journal “Sundry Account” column is…
A: Cash Payment Journal: It is a special Journal where all cash payments are recorded and it is used…
Q: The December cash records of Kirk's Hardware follow: Cash Receipts Cash Payments Cheque # Date Cash…
A:
Q: Following is information from Fredrickson Company for its first month of business. Cash Collections…
A: Accounts Receivable ledger :— It is subsidiary ledger in which credit sale and cash collection…
Q: The petty cash custodian reported the following transactions during the month. Prepare the journal…
A: Journal: It is used to record business transactions of an enterprise.
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: Balance. Account Feb. Mar. Additional Information 28 31 for the Month of March 1. Cash 10,000 5,000…
A: In the question, we are required to calculate the following three details. Total Cash disbursement…
Q: he following is a summary of transactions for January 20xx, gathered by the Sample Cafe bookkeeper…
A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…
Q: Post transactions to ledger by using the standard form Prepare a trial balance at April 30, 2019
A: 1. Post transactions to ledger accounts as shown below:
Q: Choose the letter of the correct answer: Sassy Company provided the following data for the month of…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Post the following information to the Cash T-account: The beginning cash balance is $4,400.…
A: PLEASE LIKE THE ANSWER cash Beg. Bal 4400 Equipment 11,800…
Q: Calculate the following: (a) Determine the cash receipts for May based on the following data:…
A: Cash account shows a summary of cash receipts and payments made during a period of time. Cash…
Q: In reconciling a bank statement, when a check from the previous month appears on the bank statement…
A: A Bank Reconciliation Statement is a statement prepared on a particular day to reconcile the Bank…
Q: The December cash records of Kirk’s Hardware follow: Cash Payments Date Cash Debit…
A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…
Q: Choose the letter of the correct answer: Sassy Company provided the following data for the month of…
A: A bank reconciliation statement is a statement that summarizes the banking and entity's business…
Q: Prepare journal entries for the following transactions, using the following accounts as needed:…
A:
Q: A company's Cash account shows a balance of $3,410 at the end of the month. Comparing the company's…
A: Bank reconciliation statement is used to determine the differences between the bank statement…
Q: The amount of cash to be reported on the balance sheet at June 30 is the Oa. total of the Cash…
A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…
Q: The following are selected transactions related to purchases on account and cash payments completed…
A: Following is the cash payment journal:
Q: Catherine's cookies has a beginning balance in the account payable control total account of $8,200.…
A: Ending balance in accounts payable account = Beginning balance + purchase - payment made
Q: Brangelina Adoption Agency’s general ledger shows a cash balance of $4,593. The balance of cash in…
A: Given: Brangelina Adoption Agency’s general ledger shows cash balance of $4,593. The balance of cash…
Q: ABC Group of Industries reports the following information concerning cash balances and cash…
A: Bank reconciliation statement refers to the statement which states the possible reasons for the…
Q: Sassy Company provided the following data for the month of July: Cash in bank: *Balance June 30 -…
A: Introduction: Bank Reconciliation statement: To reconcile the difference between Bank book and cash…
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: Adjusted entries:
Q: Choose the letter of the correct answer: Sassy Company provided the following data for the month of…
A: The bank reconciliation statement is prepared to equate the cash book and passbook balance with…
Q: Cash Short and Over Entries Listed below are the weekly cash register tape amounts for service fees…
A: Cash: It is the essential part of the every business, because in the business when its established…
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: Bank Reconciliation Statement
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: In cash book balance and pass book balance doesn't match then the adjusted cash book is prepared on…
Q: Bedlam Company provided the following data for the month of December: November 30 December 31 Cash…
A: A)…
Q: Using the following cash payments journal, identify each of the posting references, indicated by a…
A: Cash payment Journal all the expenses made and paid by cash during a particular period of time. All…
Q: rangelina Adoption Agency's general ledger shows a cash balance of $4,586. The balance of cash in…
A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…
Q: The following selected transactions relate to cash collections for a firm that maintains a days of…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: GENERAL LEDGER ACCOUNT TITLE CASH ACCOUNT…
A: A ledger is an account where all the entries recorded in the Journal are transferred and posted. A…
Q: from management team, she has the following information. October November December Cash receipts…
A: Cash Budget The purpose of preparing the Cash Budget to know the total Cash inflows and Outflows of…
Q: Revenue and Cash Receipts Journals Transactions related to revenue and cash receipts completed by…
A: Revenue Journal Date Invoice No. Account Debited Post. Ref. Accounts Rec. Dr., Fees earned CR.…
Q: Please Help
A: Record the necessary cash adjustments as shown below:
Q: The following extract from the cash book of John for the month of January shows the company’s bank…
A: There may be some transactions that are not recorded in the cash book but recorded in the bank…
Q: Southern Gift Shop, a retail business, started business on April 2 receipts for the period from…
A: Cash Receipts:- A Cash receipt may be a written acknowledgment of the quantity of cash received…
Q: The actual cash received during the week ended June 7 for cash sales was $18,163, and the amount…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: how do I journalize the entry to record the cash receipts and cash sales on March 1st? Refer to…
A: Dear student, since you asked only for cash receipt and cash sales transaction, The journal entry…
Q: Post these entries to the Cash T-account of the general ledger to determine the ending balance in…
A: A T-account is a T shaped account used in double entry accounting system. It shows the debits and…
Q: While examining cash receipts information, the accounting department determined the following…
A: Cash in hand balance should be = Opening Balance + Cash Sales during the period = 177 + 1166.57 =…
Q: The debits and credits from two transactions are presented in the following customer account: NAME…
A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…
Q: Journalize any required entries from the above records for Kirk’s Hardware. Prepare the company’s…
A: Particulars Debit Credit Cash (Dr) $ 300 To Rent receipt $…
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 December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: Part 1:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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 December 2016 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.The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
- 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: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?Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 230 are as follows: Instructions 1. Insert the following balances in the general ledger as of June 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for June. Post to the accounts receivable subsidiary ledger and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer accounts agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a control account as performed in step 5 for Accounts Receivable?
- Transactions related to revenue and cash receipts completed by Albany Architects Co. during the period November 230, 2016, are as follows: Instructions 1. Insert the following balances in the general ledger as of November 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of November 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for November. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?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?
- Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 230 are as follows: Post revenue and collections to the accounts receivable subsidiary ledger. Instructions 1. Insert the following balances in the general ledger as of April 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444The 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.
