For each of the three independent situations below, prepare journal entries that summarize the selling and collec-tion activities for the reporting period in order to determine the amount of cash received from customers and toexplain the change in each account shown. All dollars are in millions.SalesSituation RevenueCash Received fromAccounts ReceivableIncrease (Decrease)Customers200-0-200200210(10)?

Situation Sales Revenue Accounts Receivable Increase (Decrease) Cash received from Customers 1…

Answered: For each of the three independent…

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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1. When posting all transactions to the ledgers, the cash account will show a total amount in the credit side of A. 118,200 B. 362,000 C. 243,800 D. 100,000 2. What is the final balance of the cash account after posting all related transactions to the ledger and after taking the difference between the total debits and credits? A. 243,800 credit balance B. 243,800 debit balance C. 362,000 debit balance D. 362,000 credit balance 3. After posting all related transactions to the ledger, the service revenue account will show a total balance of A. 82,000 debit B. 58,000 debit C. 82,000 credit D. 58,000 credit
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Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,318 debit balance, but its July bank statement shows a $27,304 cash balance. b. Check Number 3031 for $1,360, Check Number 3065 for $456, and Check Number 3069 for $2,128 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. d. The July bank statement shows the bank collected $7,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. f. The July statement shows a $11 bank service…
Presented below is information for Blossom Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,800. 2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. 3. Collections on accounts receivable during the year were $81,000. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. Your answer is correct. 3. (b) No Entry No Entry Accounts Receivable Sales Revenue Cash Accounts Receivable eTextbook and Media List of Accounts Accounts receivable turnover Debit Days to collect accounts receivable times 0 days 109,600 81000 Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers…
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
Accounts 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.
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Presented below is information for Vaughn Company. 1. Beginning-of-the-year Accounts Receivable balance was $24,900. 2. Net sales (all on account) for the year were $105,300. Vaughn does not offer cash discounts. 3. Collections on accounts receivable during the year were $84,300. All Boo (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Debit Credit 2. 3.

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