On March 1, the actual cash received from cash sales was $25,538, and the amount indicated by the cash register total was $25,670. Required: Journalize the entry to record the cash receipts and cash sales.
Q: The actual cash received from cash sales was $33,161 and the amount indicated by the cash register…
A: Working: Cash received = $33,161 Cash Register = $33,185 Cash Short = $33,185 - $33,161 = $24 Sales…
Q: Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1.…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: The actual cash received from cash sales was $36,006, and the amount indicated by the cash register…
A: Cash short and over = Cash sales - cash received = $36,010 - $36,006 = $4
Q: The following selected transactions relate to cash collections for a firm that maintains a $100…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Jeremiah Restoration Company completed the following selected transactions during January: Jan. 1.…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: At the end of the day, the cash register tape lists $885.69 as total income from services. Cash on…
A: Journal entry: The record of business transactions in a chronological order in the journal is…
Q: Transactions for petty cash, cash short and over Instructions Chart of Accounts Journal Instructions…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: Instructions The actual cash received from cash sales was $45,449 and the amount indicated by the…
A: Cash short or over= Actual cash received from cash sales - Amount indicated by cash register
Q: Record the journal entry for Sales and for Cash Over and Short for each of the following separate…
A: The term cash over & short is basically used in case of petty cash transactions. It shows the…
Q: ournal entry that would be necessary for each of the following situations. (a) Sales per cash…
A:
Q: Entry for Cash Sales; Cash Over The actual cash received from cash sales was $14,953 and the amount…
A: Journals: Recording of a business transactions in a chronological order. First step in the…
Q: The actual cash received during the week ended June 7 for cash sales was $18,523, and the amount…
A: Cash receipts are cash received from customers. Cash sales means when customer pays cash on account…
Q: The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash…
A: Bank Reconciliation is a process which is used to adjust the balances of cash book and pass book in…
Q: The actual cash receivec from cash sales was 914 amount indicated by the cash register total was $…
A: A journal entry is a record of a business' financial transactions that is preserved in its…
Q: Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: Entry for Cash Sales; Cash Over The actual cash received from cash sales was $14,806 and the amount…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Record the journal entry for Sales and for Cash Over and Short for each of the following separate…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: Brief Exercise 7-06 The cash register tape for Larkspur Industries reported sales of…
A: Prepare the journal entries:
Q: Entry for Cash Sales; Cash Short The actual cash received from cash sales was $31,072 and the amount…
A: Journal entry of cash receipt and cash sale Date Particulars Post. Ref Amount ( Dr.) Amount( Cr)…
Q: Enter the following transactions in a cash receipts journal: July 6 Daren Chesbrough made…
A:
Q: Selected transactions completed by Kornett Company during its first fiscal year ended December 31,…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The Cash Receipts Journal of the Company shows the following accounts and account balances:•Sales P…
A: Solution Given Sales P 125,000 Accounts receivable 65,000 Sundry accounts (credit) 1,802,650 Sales…
Q: Journalizing Cash Receipts Enter the following transactions in a cash receipts journal: Nov. 1 Jean…
A: Journal Entry:- Journal entry is the process of recording business transactions either economic or…
Q: The actual cash received during the week ended June 7 for cash sales was $19,081, and the amount…
A: Cash over/(short)=$19,081-$19,023=$58
Q: The general ledger Cash at Bank account had a balance of $21,200 on 31 May. The cash receipts…
A: 1.
Q: a. On March 1, journalize the following transaction: Check is issued to establish a petty cash fund…
A: JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY…
Q: At the end of each day, Spangle counts the cash in its cash registers. Spangle then compares the…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Entry for Cash Sales; Cash Over The actual cash received from cash sales was $14,953 and the amount…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Journalizing Cash Receipts Enter the following transactions in a cash receipts journal: July 6…
A:
Q: Entry for cash sales; cash over The actual cash received from cash sales was $315,280, and the…
A: Journal entry Journal entry is a set of economic events which can be measured in financial terms.…
Q: Entry for Cash Sales; Cash Over The actual cash received from cash sales was $71,315, and the…
A: Journal entry: It is a set of economic events that can be measured in monetary terms. These are…
Q: Record the journal entry for Sales and for Cash Over and Short for each of the following separate…
A: Cash Over or Short Journal Entry A cash over or short journal entry mostly occurs in a retail type…
Q: Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of…
A: The journal entry for issued to establish a petty cash fund as as follows:
Q: Entry for cash sales; cash short Instructions Chart of Accounts Journal Instructions The actual cash…
A: The question is related to Journal Entry. The details of transaction is given.
Q: Entry for cash sales; cash short The actual cash received from cash sales was $83,452, and the…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The actual cash received during the week ended June 7 for cash sales was $18,163, and the amount…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Entry for Cash Sales; Cash Short The actual cash received from cash sales was $35,699, and the…
A: The amount received from cash sales is recorded by debiting the cash account and crediting the sales…
Q: The actual cash received from cash sales was $18,371, and the amount indicated by the cash register…
A: The difference between the cash sale and cash recorded in the cash register is called as cash short…
Q: Jeremiah Restoration Company completed the following selected transactions during January.…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: Credit Sales Cash Collections Jan. 7 Austin Co. $10,200 Jan. 17 Austin Co. $7,400 15 Diaz Co. 7,800…
A: The subsidiary ledgers provides the details of all the accounts separately and general ledger give…
Q: The actual cash received from cash sales was $49,822 and the amount indicated by the cash register…
A: Journal: Journal is the method of recording monetary business transactions in chronological order.…
Q: The actual cash received during the week ended June 7 for cash sales was $19,001, and the amount…
A: The difference between Actual cash present and cash per book goes to the Cash Short and Over…
Q: The following selected transactions relate to cash collections for a firm that maintains a $100…
A: Journal entry is a primary entry that records the financial transactions initially.. Cash is debited…
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- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows: Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those illustrated in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Wisk Away Cleaning Services Inc. uses the following accounts:Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
- Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 230 are as follows: Instructions 1. Insert the following balances in the general ledger as of June 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for June. Post to the accounts receivable subsidiary ledger and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer accounts agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a control account as performed in step 5 for Accounts Receivable?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 230 are as follows: Post revenue and collections to the accounts receivable subsidiary ledger. Instructions 1. Insert the following balances in the general ledger as of April 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?Transactions related to revenue and cash receipts completed by Albany Architects Co. during the period November 230, 2016, are as follows: Instructions 1. Insert the following balances in the general ledger as of November 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of November 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for November. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?The revenue and cash receipts journals for Mirage Productions Inc. follow. The accounts receivable control account has a August 1, 2016, balance of 4,230 consisting of an amount due from Celestial Studios Inc. Prepare a listing of the accounts receivable customer balances and verify that the total agrees with the ending balance of the accounts receivable controlling account.
- The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach, as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Aging Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts? If using QuickBooks or general ledger, ignore Steps 2, 3, and 4.The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?