Need help Alpha Company began operations on January 1 withcash of $75,000. All of January's $150,000 saleswere on account. DuringDuring January no customercollections occurred. Cost of goods sold was$45,000, and there was no ending inventories orany accounts payable.Use this information to determine the endingbalance of cash on hand for January.

Step 1: Define Managerial AccountingManagerial accounting refers to an accounting framework that…

Answered: Alpha Company began operations on…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 1PA: The following transactions were completed by Hammond Auto Supply during January, which is the first...

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The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
On July 31, Bristlecone Pine Art Ltd. had a $54,500 balance in Accounts Receivable and a $3,100 credit balance in Allowance for Uncollectible Accounts. During August, Bristlecone Pine Art Ltd. made credit sales of $42,000. August cash collections on account were $17,800; write-offs of uncollectible receivables totalled $1,200; and an account of $400 was recovered. After careful assessment of the updated accounts receivables, Bristlecone Pine Art Ltd. estimates that $3,800 won't be collected. Blank #1: What is the updated Accounts Receivable balance? Blank #2: What is the updated Allowance for Uncollectible Accounts balance? Blanks #3-6: Record the estimated uncollectible amount accordingly. Enter the information in the following order: Blank #3: Debit account Blank #4: Debit $-amount Blank #5: Credit account Blank #6: Credit $-amount Required formatting: For $-amounts, only enter the plain number without $-sign, commas etc. Round results to full units (i.e., round to dollar).
Zorro Inc. has the following cash register data for December 31: Cash register total for cash sales $23,500 Cash receipts from cash sales $23,480 How should the difference be recorded? a. $20 cash overage as revenue b. $20 cash overage as miscellaneous operating expense c. $20 cash shortage as other revenue d. $20 cash shortage as normal operating expense
I need help with this financial accounting question using the proper financial approach.
On January 1. Year 2 Grande Company had a $10,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2. Grande provided $56,000 of service on account. The company collected $52.500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account. What is the amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows? Multiple Choice $51,450 $52.500 $56,000 $46,200
Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending accounts receivable balance at December 31 is $300,000. Assuming cash collections from receivables totaled $1,100,000, what were credit sales for the period? A. $1,300,000 B. $1,500,000 C. $1,200,000 D. $1,100,000
The actual cash received during the week ended June 7 for cash sales was $18,921, and the amount indicated by the cash register total was $18,903. Journalize the entry for cash receipts and cash sales for the week. If an amount box does not require an entry, leave it blank. June 7
On April 3, a business counted $3,400.10 cash received from the day’s sales. According to the registers, cash sales totalled $3,400.90. The company has a policy that any discrepancies between sales and total cash that are $1.00 or less are recorded in the cash over and short account and do not have to be investigated. What is the journal entry to record the cash sale? Select one: a. Cash $3,400.10 DR; Cash Over and Short $0.80 DR; Service Revenue $3,400.90
Hello, How do I calculate the values for this problem?
The cash register tape for sunland industries reported sales of 28,032.00. 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 $45.00. (b) Cash on hand exceeds cash reported by cash register tape by $27.50. Round answers to 2 decimal places, e.g. 52.75.
Denger
The cash register tape for Larkspur Industries reported sales of $10,169.80.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 $75.11. (b) Cash on hand exceeds cash reported by cash register tape by $41.90.

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