Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pa their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $105,000 November 131,000 December 192,000 The Accounts Receivable balance on September 30 was $70,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December Total cash receipts

What is included in the journal entry necessary to record the collection of the cash for a previously recorded credit sale?

how do we record in the cash payment journal for the payment in cash and with the GST included and received discount

When transferring money from the regular checking account to a special purpose payroll account which of the following accounts would be debited? Cash Wage expense Payroll Cash Net Pay

Net income for the period is determined by subtracting total expenses and drawings from total revenues. True False

Which cash reconciling item could potentially affect either the bank statement or the general ledger?   Multiple Choice   Outstanding deposit   Recording error   Interest earned on notes held by the bank   NSF checks

All cash payments are recorded in:   Sales Journal Cash Payments Journal Cash Receipts Journal General Journal

Transactions involved in the purchases and cash disbursements cycle include: A Debit inventory, credit cash B Debit inventory, credit accounts payable C Debit accounts payable, credit cash D All of these

The debit recorded in the journal to reimburse the petty cash fund is to Oa. Petty Cash Оb. Сash Oc. various accounts for which the petty cash was disbursed Od. Accounts Receivable

In preparing proof of cash under adjusted balance method     Bank service charge of the previous month is deducted from the previous month book balance and added to the current month disbursement Bank service charge of the current month should be added to the current month book disbursements and deducted from the current month book balance. Bank service charge of the previous month is deducted from the previous month bank balance and added to the current month bank disbursement Bank service charge of the current month should be added to the current month bank disbursements and deducted from the current month bank balance.