Prepare a cash receipts journal and then record the following cash receipts transactions. July 1 The company borrowed $5,000 cash by signing a note payable to the bank. 2 C. Ming, the owner, contributed $1,000 cash to the company. 11 The company sold merchandise costing $100 to Mulan for $400 cash. 29 The company received $950 cash from Chan in payment of a July 7 purchase (where the company sold merchandise costing $700 on credit to Chan for $1,000, subject to a $50 sales discount if paid by end of month).
Prepare a cash receipts journal and then record the following cash receipts transactions. July 1 The company borrowed $5,000 cash by signing a note payable to the bank. 2 C. Ming, the owner, contributed $1,000 cash to the company. 11 The company sold merchandise costing $100 to Mulan for $400 cash. 29 The company received $950 cash from Chan in payment of a July 7 purchase (where the company sold merchandise costing $700 on credit to Chan for $1,000, subject to a $50 sales discount if paid by end of month).
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 7E
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Question
Prepare a cash receipts journal and then record the following cash receipts
transactions.
July 1 The company borrowed $5,000 cash by signing a note payable to the bank.
2 C. Ming, the owner, contributed $1,000 cash to the company.
11 The company sold merchandise costing $100 to Mulan for $400 cash.
29 The company received $950 cash from Chan in payment of a July 7 purchase (where the company
sold merchandise costing $700 on credit to Chan for $1,000, subject to a $50 sales discount
if paid by end of month).
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