E7-17 only. Thanks Identify the missing information in the cash receipts journal for those transactionslisted. All credit sales are terms n/30. Assume all the accounts are paid in full.Also, total the columns in the cash receipts journal and show that total debits equaltotal credits.Learning Objective 2E7-17 Analyzing postings from the cash receipts journalThe cash receipts journal of Silver Plastics follows:Cash Receipts JournalPage 7AccountPost.AccountsSalesSales DiscountsOtherCost of Goods Sold DRDateCreditedRef. Cash DR Receivable CR Revenue CRForfeited CR Accounts CR Merchandise Inventory CR201820Jan. 2 Awesome, Corp.9 King, Inc.(g)830810(h)4904904,00019 Note Receivable(i)4,480480Interest Revenue (j)30 J. T. Folk(k)330320103,5004,2304,230314,4803,50010,3601,6204,23030Jan. 31 Total(c)(d)(b)(e)(f)(a)orngren's Accounting, Volume 1, Third Custom Edition for Borough of Manhattan Community College of CUNY by Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Maeatsumura, Copvright © 2018 bv Pearson Education, Inc. All Rights Reserved, Pearson Custom EditionDIIF7&7856CHAPTER 7 Accounting Information Systems 413Silver's general ledger includes the following selected accounts, along with theiraccount numbers:NumberAccount110Cash115Accounts Receivable118Merchandise Inventory125Notes Receivable510Sales Revenue512Sales Discounts Forfeited520Interest Revenue611Cost of Goods SoldIndicate whether each posting reference (a) through (k) should be aCheck mark (/) for a posting to a customer account in the accounts receivablesubsidiary ledger.Account number for a posting to an account in the general ledger. If so, give theaccount number.Letter (X) for an amount not posted.Learning Objective 2E7-18 Identifying transactions in the accounts receivable subsidiary ledgerA customer account in the accounts receivable subsidiary ledger of Leger OldCompany follows:JOSH WILLOWBalanceDebitCreditDebitCreditDate Post. Ref.

Cash receipts journal is prepared to record the receipts or inflows of cash from different sources…

Learning Objective 2 E7-17 Analyzing postings from the cash receipts journal The cash receipts journal of Silver Plastics follows: Cash Receipts Journal Page 7 Accounts Sales Sales Discounts Other Cost of Goods Sold DR Post. Ref. Cash DR Receivable CR Revenue CR Account Date Credited Forfeited CRAccounts CR Merchandise Inventory CR 2018 Jan. 2 Awesome, Corp. (g) 830 810 20 9 King, Inc. (h) 490 490 19 Note Receivable (i) 4,480 4,000 480 Interest Revenue (j) 30 J. T. Folk (k) 330 320 10 3,500 4,230 4,230 31 4,230 30 4,480 3,500 10,360 1,620 Jan. 31 Total (c) (d) (b) (e) (f) (a)

Learning Objective 2 E7-17 Analyzing postings from the cash receipts journal The cash receipts journal of Silver Plastics follows: Cash Receipts Journal Page 7 Accounts Sales Sales Discounts Other Cost of Goods Sold DR Post. Ref. Cash DR Receivable CR Revenue CR Account Date Credited Forfeited CRAccounts CR Merchandise Inventory CR 2018 Jan. 2 Awesome, Corp. (g) 830 810 20 9 King, Inc. (h) 490 490 19 Note Receivable (i) 4,480 4,000 480 Interest Revenue (j) 30 J. T. Folk (k) 330 320 10 3,500 4,230 4,230 31 4,230 30 4,480 3,500 10,360 1,620 Jan. 31 Total (c) (d) (b) (e) (f) (a)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: E6-9 10 6.5 Estimating Bad Debts from Receivables Balances The following information is extracted…

A: Given Information:Accounts Receivable at beginning of 2019: $63,000Allowance for Doubtful Accounts…

Q: E8-10 (Algo) Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest (LO…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: PA8-2 (Algo) Interpreting Disclosure of Allowance for Doubtful Accounts [LO 8-2] Marshall Travel,…

A: It is the estimated amount of receivables that are not probable to be collected from receivables. By…

Q: it say 7,715.47 is incorrect

A: Cash Flow = cf = $27,500Initial Cost = i = $98,000time = t = 4 YearsCost of Capital = r = 14%

Q: FedEx Corporation reported the following rounded amounts (in millions): Accounts Receivable…

A: Ratio analysis is used to analyze the financial statements and provide information to the management…

Q: Which of the following is a spontaneous source of financing . accounts receivable I. accounts…

A: Spontaneous source of financing arising result of the firm's day-to-day business operations.…

Q: The Recovery Rebate Credit is calculated using what form

A: The Recovery Rebate Credit represents the reduction in the tax liability of an individual if the…

Q: TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE…

A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: Explanation 1031 like-kind exchange

Q: What are the benefits and challenges of continuing to attempt collection yourself? What are the…

A: “Hey, since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…

Q: E8-4 Recording Write-Offs and Recoveries [LO 8-2] Prior to recording the following, Elite…

A: 1. Prepare journal entry to record the write off of uncollectible accounts.

Q: Answer 7-10

A: Debtor control refers to the procedure of decisions in relation to the investment in the debtors of…

Q: ec. 1-31 Unearned Gift Card Revenue Sales Revenue Sales Revenue (Breakage) (To record redemption and…

A: Unearned revenue is money received by a person or firm for a service or product that has not yet…

Q: Q10.11 Which of the following is a Customer report: a. Accounts Receivable (A/R) Aging b. Accounts…

A: Customer Report - Customer Report is the report of the customers. Customers are the one those…

Q: Describe the three posted transactions.

A: Accounts payable are referred as suppliers of a company, from whom goods are purchased on credit.

Q: Age Group Accounts Receivable Estimated Loss % 0.5% Current (not past due) 1-30 days past due 31-60…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

Q: Loan interest income ▸ D7/84 • The sequence in determining the taxability of interest income of an…

A: The objective of the question is to understand the sequence in determining the taxability of…

Q: On December 31, 2017, Extreme Fitness has an adjusted balance of $720,000 in Accounts Receivable. On…

A: The question is based on the concept of Financial Accounting.

Q: Problem 8-1A (Static) Review current liability terms and concepts (LO8-1) Select the most…

A: Liabilities are the obligations of the business towards the creditors for operating the…

Q: CDE7. From the following, prepare a schedule of accounts receivable for AVE Co. for May 31, 2023:…

A: Solution: Preparation of Schedule of Account receivable of AVE Co. May, 31 ,201X Rowe Co. $60…

Q: Road Runner Express reported the following rounded amounts (in millions); 2018 $5,280 Accounts…

A: Receivable Turnover Ratio:- The Receivable Turnover Ratio is a financial ratio that measures how…

Q: T-Account (Liability) CRNEED UNKOWN CR amountPlease provide in detail the equation for finding out…

A: The equation to be used for ending balance of Liability Account from where we can find out any…

Q: On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: SLO-5.3. If the credit terms are 2/10, n/30, the credit period is days. 010 030 02 OIndefinite

A: The term indicates that if the payee paid the amount within stipulated time then he is eligible for…

Concept explainers

Types of Money Market Instruments

Question

100%

E7-17 only. Thanks

Identify the missing information in the cash receipts journal for those transactions
listed. All credit sales are terms n/30. Assume all the accounts are paid in full.
Also, total the columns in the cash receipts journal and show that total debits equal
total credits.
Learning Objective 2
E7-17 Analyzing postings from the cash receipts journal
The cash receipts journal of Silver Plastics follows:
Cash Receipts Journal
Page 7
Account
Post.
Accounts
Sales
Sales Discounts
Other
Cost of Goods Sold DR
Date
Credited
Ref. Cash DR Receivable CR Revenue CR
Forfeited CR Accounts CR Merchandise Inventory CR
2018
20
Jan. 2 Awesome, Corp.
9 King, Inc.
(g)
830
810
(h)
490
490
4,000
19 Note Receivable
(i)
4,480
480
Interest Revenue (j)
30 J. T. Folk
(k)
330
320
10
3,500
4,230
4,230
31
4,480
3,500
10,360
1,620
4,230
30
Jan. 31 Total
(c)
(d)
(b)
(e)
(f)
(a)
orngren's Accounting, Volume 1, Third Custom Edition for Borough of Manhattan Community College of CUNY by Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella Mae
atsumura, Copvright © 2018 bv Pearson Education, Inc. All Rights Reserved, Pearson Custom Edition
DII
F7
&
7
8
5
6
CHAPTER 7

Accounting Information Systems 413
Silver's general ledger includes the following selected accounts, along with their
account numbers:
Number
Account
110
Cash
115
Accounts Receivable
118
Merchandise Inventory
125
Notes Receivable
510
Sales Revenue
512
Sales Discounts Forfeited
520
Interest Revenue
611
Cost of Goods Sold
Indicate whether each posting reference (a) through (k) should be a
Check mark (/) for a posting to a customer account in the accounts receivable
subsidiary ledger.
Account number for a posting to an account in the general ledger. If so, give the
account number.
Letter (X) for an amount not posted.
Learning Objective 2
E7-18 Identifying transactions in the accounts receivable subsidiary ledger
A customer account in the accounts receivable subsidiary ledger of Leger Old
Company follows:
JOSH WILLOW
Balance
Debit
Credit
Debit
Credit
Date Post. Ref.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Ef 570.
Classify the following citation as to the location. A citation may have more than one answer. Location IRC = Internal Revenue Code IRB = Internal Revenue Bulletin CB = Cumulative Bulletin FR = Federal Register NA = Not applicable Citation § 61(a)(13). Prop.Reg. § 1.368–2(b)(1). Rev.Proc. 77–37, 1977–2 C.B. 568. Temp.Reg. § 1.163–9T(b)(2)(I)(A). Rev.Rul. 64–56, 1964–1 C.B. 133. Jack E. Golsen, 54 T.C. 742 (1970). Ltr.Rul. 9802018
Problem 5-18 (PHILCPA Adapted) P80,000. Recoveries Credit sales Writeoffs 260,000 295,000 300,000 310,000 22,000 37,000 36,000 40,000 2017 11,100,000 12,250,000 14,650,000 15,000,000 2018 2019 2020 The collections from customers during 2020 totaled P14,000,000, excluding recoveries. Doubtful accounts are provided for as a percentage of credit sales. The entity calculated the percentage annually by using the experience of the three years prior to the current year. 1. What amount should be reported as doubtful accounts expense for 2020? a. 310,000 b. 300,000 c. 222,000 d. 378,000 2. What amount should be reported as allowance for doubtful accounts on December 31, 2020? a. 110,000 b. 378,000 c. 300,000 d. 478,000 im 3. What is the net realizable value of accounts receivable on December 31, 2020? a. 2,650,000 b. 2,690,000 c. 2,760,000 d. 2,800,000 158
T5.
E9.8
10. Theoretically, unearned items (deferred revenues) should not be classified as a. deferred creditsb. contra to certain assetsc. long-term liabilitiesd. current liabilities
The major IFRS requirements related to accounting for and reporting inventories are O completely different from GAAP. O the same as GAAP. O the same as GAAP with a couple of exceptions. O not comparable to GAAP. eTextbook and Media Save for Later Attempts: 0 of 1 used Su
E9.8 (LO 2), AP On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions A. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable.
E6.15 Determina correct posting amount to control account. CHAPTER 6 Accounting information systems LO9, 10, 14 Ladder Blocks Pty Ltd uses both special journals and a general journal to record transactions. Ladder Blocks also posts creditors' accounts in the accounts payable subsidiary ledger. The postings for the most recent month are included in the subsidiary T accounts below. Climbers Ltd 150 Bal. (b) Aumans Materials Ltd 87 Bal. 204 120 0 87 Brick-a-Brack Pty Ltd 90 Bal. Construct Pty Ltd 72 Bal. 90 174 72 114 102 Required (a) Determine the correct amount of the end-of-month posting from the purchases journal to the accounts payable control account. Assume that Ladder Blocks has one creditor only and does not expect there to be any other creditors in the future. Would there be any advantage to Ladder Blocks setting up an accounts payable subsidiary ledger?