Indigo Corporation made credit sales of $19,800 which are subject to 7% sales tax. The corporation also made cash sales whichtotaled $28,462 including the 7% sales tax.(a)Your answer is correct.Prepare the entry to record Indigo's credit sales. (If no entry is required, select "No Entry" for the account titles and enter o for theamounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and ExplanationAccounts ReceivableSales RevenueSales Tax PayableDebit21186Credit198001386 Prepare the entry to record Indigo's cash sales. (If no entry is required, select "No Entry" for the account titles and enter O for theamounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Answered: Indigo Corporation made credit sales of…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5QY

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Prepare the general journal entry to correct the Cash account. (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. List all debit entries before credit entries.)
If a client is on a cash basis, how should you enter beginning Accounts Receivable? Assume that you are using the "Forms" method to enter the opening balances. ACash basis clients cannot use QuickBooks BRecord all open invoices on the original date using the original items CRecord all invoices as Sales Receipts using an item linked to Opening Balance Equity DRecord one lump sum invoice on the Start Date using an item linked to Opening Balance Equity
Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) i (Click the icon to view the transactions.) Jul. Date 2024 Account Credited Hannah Nell Mike Dunn Cash Receipts Journal Post. Accounts Sales Sales Disc. Other Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Interest Expense Interest Revenue Jul. 5 Jul. 12 Jul. 18 Jul. 29 Sold merchandise inventory for cash, $2,700. Cost of goods, $2,000. Collected interest revenue of $2,450. Received cash from Hannah Nell, $900, on account. There was no discount. Received $5,200 from Mike Dunn in full settlement of his account receivable including sales discounts forfeited of $25. Print Page 3 Cost of Goods Sold DR Merchandise Inv. CR Done X
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. Transaction No JournalEntryNeeded JournalEntryNeeded Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank charges
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NES check Wire transfer by customer Deposit in transit Bank charges
Cullumber Corporation shipped $21,600 of merchandise on consignment to Oriole Company. Cullumber paid freight costs of $2,000. Oriole Company paid $450 for local advertising, which is reimbursable from Cullumber. By year-end, 59% of the merchandise had been sold for $19,900. Oriole notified Cullumber, retained a 9% commission, and remitted the cash due to Cullumber. Prepare Cullumber's journal entry when the cash is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) A (Click the icon to view the transactions.) Cash Receipts Journal Page 3 Post. Accounts Sales Sales Disc. Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Merchandise Inv. CR 2024 Jul. More Info Jul. 5 Sold merchandise inventory for cash, $2,300. Cost of goods, $2,000. Jul. 12 Collected interest revenue of $2,400. Jul. 18 Received cash from Hank Noll, $900, on account. There was no discount. Jul. 29 Received $5,600 from Mckenna Door in full settlement of his account receivable including sales discounts forfeited of $65. Print Done
Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Date 2/4 2/11 2/18 2/25 2/26-2/28 No. 321 322 323 324 Amount Date Amount $2,300 Checks: 1,900 2,800 3,700 1,200 $ 11,900 $ 4,300 600 Deposits: 2/2 2/8 2/12 2/19 2/27 2,100 1,800 400 Cash receipts: 325 326 2/28 900 1,500 $11,600 327 2/28 Balance on February 1 $ 6,400 Receipts Disbursements 11,900 (11,600) $ 6,700 Balance on February 28 Information from February's bank statement and company records reveals the following additional information: a. The ending cash balance recorded in the bank statement is $10,390. b. Cash receipts of $1,200 from 2/26-2/28 are outstanding. c. Checks 325 and 327 are outstanding. d. The deposit on 2/11 includes a customer's check for $400 that did not clear the bank (NSF check). e. Check 323 was written for…
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Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable.
AM. 121.
Required information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $72.00 72.00 37.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment.

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Indigo Corporation made credit sales of $19,800 which are subject to 7% sales tax. The corporation also made cash sales which totaled $28,462 including the 7% sales tax. (a)