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 >

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

Section: Chapter Questions

Problem 1Q

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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…
1 2 3 A co 4 567 8 9 10 11 DATE GENERAL JOURNAL DESCRIPTION 20-- May 16 Accounts Payable-Sunshine Suppliers Cash in Bank Check 111 20 Cash in Bank 23 Advertising Expense Cash in Bank Check 112 Accounts Rec.-Tim McGraw, Inc. Receipt 54 POST. REF. DEBIT 79500 52500 65.00 PAGE CREDIT 3 79500 52 500 6500 IN 2 3 4 5 6 7 co loo 9 10 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$
QUESTION 1 The summary of the bank column in the cash book of APINO Ltd. for the month ended October 31, 2020 is presented to you below; CASH BOOK Bal. b/d 11,000 Total Payments 54,000 Receipts 79,000 Bal. c/d 36,000 90,000 90,000 When the bank statement of the company was received on 31st October 2020, it showed a balance which differed from that of the cash book. Your investigation of the accounting records for the period reveals the following information. Bank charges of GH¢320 appear in the bank statement on 30th October 2020 but have not been recorded in the cash book. Cheques from a customer Papa Kay totaling GH¢2,890 entered in the cash book on 29th October, 2020 were credited by the bank on 2nd November, 2020. A cheque for GH¢ 1,000 entered in the cash book was yet to be submitted for payment by the payee. A cheque for GH¢12, 900 drawn by APINO Ltd. To pay for a new item of plant had been mistakenly entered…
Question Completion Moving to another question will save this response. Question 6 AMA Company's bank statement for 31st December 2021 showed a cash balance of $2750. The company's Cash account in its general ledger showed a $2000 debit balance. The following information was also available as of December 31st a. A $900 NSF check from a customer, J. Steel is shown on the bank statement but not yet recorded by the company. b. The December 31st cash receipts, $3,250, were placed in the bank's night depository after banking hours and this amount did not appear on the December 31st bank statement. c. A $59 debit memorandum for checks Book deducted by the bank. d. Outstanding checks amounted to $2,339. e. A customer's note for $2,790 was collected by the bank. A collection fee of $20 was deducted by the bank and the difference was deposited in the account. f. The bank erroneously deducts a check for $150 by mistake. Required: Prepare a bank reconciliation as of December 31st format: W
Entry for cash sales; cash short The actual cash received from cash sales was $83,452, and the amountindicated by the cash register total was $83,480. Journalize the entry torecord the cash receipts and cash sales.
Problem 8-24 (Algo) Cash Budget with Supporting Schedules (LO8-2, LO8-4, LO8-8] Garden Sales, Ic., sells garden supplies. Management Is planning Its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following Information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing Income statements for April-July are: April $ 650, e09 $ 820,000 455, eee July $ 430, eee May June Sales $ 530,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expense Administrative expense* Total selling and administrative expenses 574, e00 371,800 159, 000 301,000 195,e08 246, 000 129, 000 83,e00 102, 800 64, 000 43,000 46, 500 129,5e9 62,489 39,200 41,000 164, 480 193, 20e 84, 000 Net operating income $ 65,se0 $ 81,600 $ 55,800 $ 45,eee *Includes $25,000 of depreclation each month. b. Sales are 20% for cash…
Entry for Cash Sales; Cash Short The actual cash received from cash sales was $35,699, and the amount indicated by the cash register total was $35,731. Journalize the entry to record the cash receipts and cash sales. If an amount box does not require an entry, leave it blank. Cash fill in the blank 2 fill in the blank 3 Cash Short and Over fill in the blank 5 fill in the blank 6 Sales fill in the blank 8 fill in the blank 9
! Required information [The following information applies to the questions displayed below.] The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized here: Balance, September 1 September 7 September 11 September 12 September 17 September 26 September 29 September 30 September 1 September 10 September 30 Debit Balance September 30. Balance Checks Total Amount of Cash # 101 # 102 # 103 BANK STATEMENT Deposits $ 810 1,720 2,310 Cash (A) 2,020 3,030 810 2,550 1,720 2,310 50 2,710 $ 3,030 NSF check EFT deposit Service charge Credit Other September 10 September 15. September 22 September 28 # 101 # 102 # 103 # 104 $ 100 155 20 Balance $ 2,020 1,920 4,950 4,140 2,420 110 265 245 No outstanding checks and no deposits in transit were noted in August. However, there are deposits in transit and checks outstanding at the end of September. The NSF check and EFT involved transactions with Cadieux Company's customers. 4. If the company also has $420…
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b. The following selected transactions relate to 2 days' cash collections for a firm that maintains a $100 change fund at all times: a. Actual cash in cash register, $5,633; cash receipts per cash register tally, $5,724. b. Actual cash in cash register, $5,866; cash receipts per cash register tally, $5,782. Journalize the sales and cash receipts for each of the 2 days. If an amount box does not require an entry, leave it blank. a. 000 Previous
Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31, 2021 $5,410 $11,390 $11,440 $5,360 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,330 5/7 471 Legal fees $ 1,170 5/10 Sales 1,760 5/12 472 Property tax 1,540 5/17 Sales 2,390 5/15 473 Salaries 3,470 5/24 Sales 2,860 5/22 474 Advertising 1,370 5/31 Sales 3,050 5/30 475 Supplies 420 5/31 476 Salaries 3,470 $ 11,390 $ 11,440 P.O. Box 162647 Midwest Bank Member FDIC…