Instructions: Use the below bank account receipts and payments summary to create a statement of cash flows. Use the direct method and follow the format in your textbook, chapter 6. Transaction Description Date 1/1/20 Cash deposit to start business 1/1/20 Three month's rent 1/1/20 Cash register paid for 1/1/20 Store furniture paid for 1/31/20 Receipts for sales in January 2020 2/7/20 Widgets supplied in January paid for 2/25/20 Cash withdrawn for your own expenses 2/29/20 Receipts for sales in February 2020 3/15/20 Widgets supplied in February paid for 3/16/20 Store utility charges for Jan, Feb, Mar 2020 3/31/20 Receipts for sales March 2020 3/31/20 Balance in bank on March 31st 2020 Receipts 10,000 6,500 9,000 12,000 37,500 Payments 2,400 450 8,500 4,500 3,000 6,000 300 12,350 37,500

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Emporium bank lends money to a customer on a six month note. What journal entry does the bank prepare? A. Debit note receivable and credit cash B. Debit cash and credit note receivable C: debit note receivable and credit service revenue D. Debit cash and credit note payable

Accounting Question

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After posting the July 15 journal entry below to the cash account in the ledger, what would the updated balance in the cash account--the dollar amount on the debit or credit side? (Note: The company had a beginning debit balance of $50,000 on July 1 that should be included.)                                          JOURNAL                                    page 2 DATE DESCRIPTION POST. REF. DEBIT      CREDIT 7/15/18 Cash   $12,000          Fees Earned     $12,000   GENERAL LEDGER ACCOUNT TITLE     CASH                                                     ACCOUNT NO. 11 DATE ITEM PREF. DEBIT   CREDIT   DEBIT BALANCE  CREDIT BALANCE 7/01/18 Balance       $50,000   7/15/18     12,000    ? or  ?    Group of answer choices $12,000 credit balance $62,000 debit balance $12,000 debit balance $62,000 credit balance

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A. Classification of Cash For each of the items listed in the table below, place an X in the column indicating the correct classification for balance sheet purposes. The first one is completed for you. Balance Sheet Classification Cash Cash Short-term Other Equivalent Investments Checking account Savings account Rare coins kept for long-term speculation Post-dated checks received Money orders received Petty cash fund Treasury bills purchased when two months remain in term Compensating balance for a short-term loan Sinking fund to retire a bond in five years Certificate of deposit (six- month term) Short-term investment in marketable equity securities

Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$