⦁ A sales invoice totaling Rs 35,000 and dated January 14 has discount terms of 2/10, n/30. If it is paid January 23 and if paid January 27, what would be the entry to record this transaction? ⦁ Record the following transactions in the cash receipts journal: (Format is given Below) March: 3 Received Rs 6000 from J.Ballin settlement of her account 10 Received Rs 6150 from B. Elder in settlement of his account 14 Cash sales for a 2-week period, Rs 4,400 28 Sold Rs 2000 of office supplies to T.S Company (not a merchandise item) 30 Owner made additional investment, Rs 15,000 30 Cash sales for the last two weeks, Rs 2600
⦁ A sales invoice totaling Rs 35,000 and dated January 14 has discount terms of 2/10, n/30. If it is paid January 23 and if paid January 27, what would be the entry to record this transaction? ⦁ Record the following transactions in the cash receipts journal: (Format is given Below) March: 3 Received Rs 6000 from J.Ballin settlement of her account 10 Received Rs 6150 from B. Elder in settlement of his account 14 Cash sales for a 2-week period, Rs 4,400 28 Sold Rs 2000 of office supplies to T.S Company (not a merchandise item) 30 Owner made additional investment, Rs 15,000 30 Cash sales for the last two weeks, Rs 2600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
⦁ A sales invoice totaling Rs 35,000 and dated January 14 has discount terms of 2/10, n/30. If it is paid January 23 and if paid January 27, what would be the entry to record this transaction?
⦁ Record the following transactions in the cash receipts journal: (Format is given Below)
March: 3 Received Rs 6000 from J.Ballin settlement of her account
10 Received Rs 6150 from B. Elder in settlement of his account
14 Cash sales for a 2-week period, Rs 4,400
28 Sold Rs 2000 of office supplies to T.S Company (not a merchandise item)
30 Owner made additional investment, Rs 15,000
30 Cash sales for the last two weeks, Rs 2600
Transcribed Image Text:•A sales invoice totaling Rs 35,000 and
dated January 14 has discount terms of
2/10, n/30. If it is paid January 23 and if
paid January 27, what would be the entry
to record this transaction?
•Record the following transactions in the
cash receipts journal: (Format is given
Below)
March: 3 Received Rs 6000 from J.Ballin
settlement of her account
10 Received Rs 6150 from B. Elder in
settlement of his account
14 Cash sales for a 2-week period, Rs
4,400
28 Sold Rs 2000 of office supplies to T.S
Company (not a merchandise item)
30 Owner made additional investment, Rs
15,000
30 Cash sales for the last two weeks, Rs
2600
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