Beta Enterprises began operations on January 1 with cash of $80,000. All of January's $200,000 sales were on account. During January, no customer collections occurred. The cost of goods sold was $60,000, and there was no ending inventory or any accounts payable. Use this information to determine the ending balance of cash on hand for January.

Beta Enterprises began operations on January 1 with cash of $80,000. All of January's $200,000 sales were on account. During January, no customer collections occurred. The cost of goods sold was $60,000, and there was no ending inventory or any accounts payable. Use this information to determine the ending balance of cash on hand for January.

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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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
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