For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries summarize the selling and collection activities for the reporting period. All dollars are in millions. that Complete this question by entering your answers in the tabs below. Cash Recd from Cust Determine the amount of cash received from the customers. Note: Enter your answers in millions (.e. 10,000,000 should be entered as 10). Situation 1 2 General Journal 3 Sales Revenue 160 100 160 Accounts Receivable Increase (Decrease) 0 21 Cash Received from Customers (21 Cash Reed from Cust General Journal >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries
that summarize the selling and collection activities for the reporting period. All dollars are in millions.
Complete this question by entering your answers in the tabs below.
Cash Recd
from Cust
Determine the amount of cash received from the customers.
Note: Enter your answers in millions (.e., 10,000,000 should be entered as 10).
Situation
1
2
General
Journal
3
Sales
Revenue
160
160
160
Accounts Receivable Cash Received from
Increase (Decrease)
Customers
0
21
(21)
Cash Recd from Cust
General Journal >
Transcribed Image Text:For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Recd from Cust Determine the amount of cash received from the customers. Note: Enter your answers in millions (.e., 10,000,000 should be entered as 10). Situation 1 2 General Journal 3 Sales Revenue 160 160 160 Accounts Receivable Cash Received from Increase (Decrease) Customers 0 21 (21) Cash Recd from Cust General Journal >
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