FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Determine how much cash was collected from customers.?
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- During the year, the following sales transactions occur. There is a charge of 3% on all credit card transactions and a 1% charge on all debit card transactions. Total cash sales = $380,000 Total check sales = $230,000 Total credit card sales = $480,000 Total debit card sales = $210,000 calculate the amount recorded as cash receipts from these transactionsarrow_forwardhe actual cash received from cash sales was $36,728 and the amount indicated by the cash register total was $36,764. Journalize the entry to record the cash receipts and cash sales. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue…arrow_forwardQ. 15.. The check register for Promotions, Inc. showed a balance of $5,684.37. The bookkeeper then made a deposit of $6,753.91. The bookkeeper then wrote checks for $1,704. 12, $1,600.32, and $2,110.14. Compute the new cash balance shown in the check register.arrow_forward
- Please help mearrow_forwardJ. Whitlock Co. had $1,000 of credit cards sales. The net cash receipts were deposited immediately into Whitlock's bank account less a 5% fee. The entry to record this sales transaction would include a debit to:arrow_forwardThe cash register tape for Sheridan Industries reported sales of $27,292.00. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $53.50. (b) Cash on hand exceeds cash reported by cash register tape by $22.00. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)arrow_forward
- how do I journalize the entry to record the cash receipts and cash sales on March 1st? Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Required: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment…arrow_forwardAccounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts receivable were $128,640. All sales were on credit and totalled $1,682,480. Required: Determine how much cash was collected from customers.arrow_forwardThe cash register tape for Tamarisk Industries reported sales of $8,103.30.Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $59.85. (b) Cash on hand exceeds cash reported by cash register tape by $33.39. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places (b) enter an account title enter a debit amount rounded to 2 decimal…arrow_forward
- The balance in Accounts Receivable was $650,000 at the beginning of the year and $770,000 at the end of the year. Credit sales for the year totaled $4,120,000. During the year, $450,000 in customer accounts were written off. How much cash was collected from customers during the period? A) $3,550,000 B) $4,000,000 C) $4,450,000 D) $4,690,000 10arrow_forwardAt August 31, Concord Company has a cash balance per books of $7,900 and the following additional data from the bank statement: charge for printing Concord Company checks $64, interest earned on checking account balance $71, and outstanding checks $840.Determine the adjusted cash balance per books at August 31. Adjusted cash balance per books $arrow_forward
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