Exercise 21-4 (Algo) Summary entries for cash received from customers [LO21-3] For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Recd from Cust General Journal Determine the amount of cash received from the customers. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Situation Sales Revenue 1 155 2 155 3 155 Accounts Receivable Cash Received from Increase (Decrease) O 19 (19) Customers

Exercise 21-4 (Algo) Summary entries for cash received from customers [LO21-3] For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Recd from Cust General Journal Determine the amount of cash received from the customers. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Situation Sales Revenue 1 155 2 155 3 155 Accounts Receivable Cash Received from Increase (Decrease) O 19 (19) Customers

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 1E: Computing; the Cash Balance Listed below are ten items that may be found on a balance sheet....

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Computing; 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?
Exercise 21-4 (Algo) Summary entries for cash received from customers [LO21-3] For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Recd from Cust General Journal Determine the amount of cash received from the customers. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Sales Revenue Situation 1 155 2 155 3 155 Accounts Receivable Cash Received from Increase (Decrease) Customers 0 19 (19)
Consider the three independent situations below (amounts are $ in millions): Situation SalesRevenue Accounts ReceivableIncrease (Decrease) Cash Receivedfrom Customers 1. 2. 3. 200 200 200 -0- 30 (30) ? ? ? Required: 1. Calculate cash received from customers. 2. Prepare the summary journal entry for each situation.
Accounting Question
The end-of-the month balance in Igado’s cash disbursement journal “Sundry Account” column is P19,870. How will the column be posted and what is the posting reference will be entered?
Using 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.…
EX.08.160.ALGO The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Journalize the transactions for each of the two days of cash receipts from sales. a. Actual cash in cash register, $5,086 cash receipts per cash register tally, $5,087.b. Actual cash in cash register, $5,896 cash receipts per cash register tally, $5,770. If an amount box does not require an entry, leave it blank. a. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 b. fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18
Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of July for Glover Incorporated are shown below. GLOVER INCORPORATED Cash Account Records July 1, 2021, to July 31, 2021 Cash Balance Cash Balance July 1, 2021 + Cash Receipts − Cash Disbursements = July 31, 2021 $7,390 $8,630 $10,140 $5,880 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 7/9 Sales $ 2,630 7/7 531 Rent $ 1,570 7/21 Sales 3,210 7/12 532 Salaries 2,030 7/31 Sales 2,790 7/19 533 Equipment 4,200 7/22 534 Utilities 970 7/30 535 Advertising 1,370 $ 8,630 $ 10,140 P.O. Box 123878 FIDELITY UNION Member FDIC Gotebo,…
Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31, 2021 $5,410 $11,390 $11,440 $5,360 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,330 5/7 471 Legal fees $ 1,170 5/10 Sales 1,760 5/12 472 Property tax 1,540 5/17 Sales 2,390 5/15 473 Salaries 3,470 5/24 Sales 2,860 5/22 474 Advertising 1,370 5/31 Sales 3,050 5/30 475 Supplies 420 5/31 476 Salaries 3,470 $ 11,390 $ 11,440 P.O. Box 162647 Midwest Bank Member FDIC…
Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31, 2021 $5,410 $11,390 $11,440 $5,360 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,330 5/7 471 Legal fees $ 1,170 5/10 Sales 1,760 5/12 472 Property tax 1,540 5/17 Sales 2,390 5/15 473 Salaries 3,470 5/24 Sales 2,860 5/22 474 Advertising 1,370 5/31 Sales 3,050 5/30 475 Supplies 420 5/31 476 Salaries 3,470 $ 11,390 $ 11,440 P.O. Box 162647 Midwest Bank Member FDIC…
Entry for Cash Sales; Cash Over The actual cash received from cash sales was $71,315, and the amount indicated by the cash register total was $71,220. Journalize the entry to record the cash receipts and cash sales. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash Sales Cash Short and Over
Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $13,660.00 2/10, n/45 $ $