Cash Receipts JournalZebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%.Dec. 1 Received payment on account from Michael Anderson, $1,399.2 Received payment on account from Ansel Manufacturing, $398.7 Made cash sales for the week, $3,190, plus tax. Bank credit card sales for the week, $1,300, plus tax. Bank credit card fee is 3%.8 Received payment on account from J. Gorbea, $866.11 Michael Anderson returned merchandise for a credit, $68, plus tax.14 Made cash sales for the week, $2,760, plus tax. Bank credit card sales for the week, $800, plus tax. Bank credit card fee is 3%.20 Received payment on account from Tom Wilson, $1,077.21 Ansel Manufacturing returned merchandise for a credit, $22, plus tax.21 Made cash sales for the week, $3,110, plus tax.24 Received payment on account from Rachel Carson, $2,025.

Part 1: Answer The Cash Receipts Journal for Zebra Imaginarium during December will detail the cash…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During the year ended December 31, 2021, Kelly's Camera Shop had sales revenue of $120,000, of which $60,000 was on credit. At the start of 2021, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $500 credit balance. Collections of accounts receivable during 2021 amounted to $58,000. Data during 2021 follow: a. On December 10, a customer balance of $1,000 from a prior year was determined to be uncollectible, so it was written off. b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. Required: 1. Give the required journal entries for the two events in December. 2-a. Show how the amounts related to Bad Debt Expense would be reported on the income statement. 2-b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet. 3. On the basis of the data available, does the 2 percent rate appear to be reasonable?
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Dec. 1		Received payment on account from Michael Anderson, $1,399.
2		Received payment on account from Ansel Manufacturing, $398.
7		Made cash sales for the week, $3,190, plus tax. Bank credit card sales for the week, $1,300, plus tax. Bank credit card fee is 3%.
8		Received payment on account from J. Gorbea, $866.
11		Michael Anderson returned merchandise for a credit, $68, plus tax.
14		Made cash sales for the week, $2,760, plus tax. Bank credit card sales for the week, $800, plus tax. Bank credit card fee is 3%.
20		Received payment on account from Tom Wilson, $1,077.
21		Ansel Manufacturing returned merchandise for a credit, $22, plus tax.
21		Made cash sales for the week, $3,110, plus tax.
24		Received payment on account from Rachel Carson, $2,025.