Rectify the following errors : Cash sales $ 16,000 (i) were not posted to sales account. (ii) were posted as $ 6,000 in sales account. (iii) were posted to commission account.
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Rectify the following errors :
Cash sales $ 16,000
(i) were not posted to sales account.
(ii) were posted as $ 6,000 in sales account.
(iii) were posted to commission account.
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- Can you help me with the final answers I am getting incorrect? Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts (beginning balance) 11,340 Net credit sales 930,000 Collections 912,000 Write-offs of accounts receivable 6,400 Collections of accounts previously written off 2,200 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Your answer is correct. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record sales on account) (To record collection of accounts…background info: Green checkmark means that entry is correct, red is wrong. There is only supposed to be a total of 19 entries. look at 1 picture with the complete journal and adjust to fit the allowance method to go into the second table with green and red corrections. The first entry....you are removing the account so you have to remove the allowance and related receivable (2 parts) The second entry...you want to record the cash received, the removal of the allowance and related receivable (3 parts) The third entry...recording a credit sales (2 parts) The fourth entry...setting up receivable and the allowance (2 parts) The fifth entry...record collection of a previously recorded credit sale (2 parts) The sixth entry...record collection of a previously recorded credit sale (2 parts) The seventh entry...adjusting the allowance by reducing the allowance and reducing 5 customer receivable accounts (6 parts) 1. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel…The cash register tape for Sheridan Industries reported sales of $27,292.00. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $53.50. (b) Cash on hand exceeds cash reported by cash register tape by $22.00. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)
- At the end of the day, the cash register tape shows $1,360 In cash sales, but the count of cash in the register is $1,460. The proper entry to account for this excess is: Multiple Choice Debit Cash $1,360; credit Sales $1,360. Debit Cash $1,460; credit Sales $1,460. Debit Cash $1,460; credit Sales $1,360; credit Cash Over and Short $100. Debit Cash $1,360; debit Cash Over and Short for $100; credit Sales $1,460. Debit Cash Over and Short $100; credit Cash $100. MacBook AirThe following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense14. Record the write-off. Choose * Account Payable * Allowance for Uncollectible Accounts * Sales Returns and Allowanced * Bad debt expense * Cash * Accounts Receivable
- The following account balances come from the records of Ourso Company: Beginning Balance $2,945 123 Ending Balance $3,665 Accounts receivable Allowance for doubtful accounts 171 During the accounting period, Ourso recorded $12,350 of sales revenue on account. The company also wrote off a $183 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expenseThe cash register tape for Tamarisk Industries reported sales of $8,103.30.Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $59.85. (b) Cash on hand exceeds cash reported by cash register tape by $33.39. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places (b) enter an account title enter a debit amount rounded to 2 decimal…The cash register tape for Marin Industries reported sales of $10,307.20. Record the journal entry that would be necessary for each of the following situations. a) Sales per cash register tape exceeds cash on hand by $76.12. b) Cash on hand exceeds cash reported by cash register tape by $42.47.
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