E7-4 The sales and cash receipts journals of Manitoba Maple Products include the following entries:Sales JournalInvoiceDateNo.AccountDebitedPost.Accounts Receivable DrCost of Goods Sold DrRef.Sales Revenue CrInventory CrMay 7671I. Pax✓2207210672W. Singh✓1205810673F. Zehr✓1205012674J. Legg✓24012031Total700300Cash Receipts JournalDebitsCreditsOther AccountsCost of GoodsDateSales Accounts Sales Account Post.Cash Discounts Receivable Revenue TitleSold DrRef.AmountInventory CrMay 16I. Pax✓19F. Zehr✓2460060038030W. Singh✓Required4Complete the cash receipts journal for those transactions indicated. There are no sales discounts. Also,total the journal and show that total debits equal total credits.

The accounting journal that is used to record cash receipts and cash discounts is called the cash…

Answered: Required Complete the cash receipts…

Required Complete the cash receipts journal for those transactions indicated. There are no sales discounts. Also, total the journal and show that total debits equal total credits.

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

E7-4 The sales and cash receipts journals of Manitoba Maple Products include the following entries:
Sales Journal
Invoice
Date
No.
Account
Debited
Post.
Accounts Receivable Dr
Cost of Goods Sold Dr
Ref.
Sales Revenue Cr
Inventory Cr
May 7
671
I. Pax
✓
220
72
10
672
W. Singh
✓
120
58
10
673
F. Zehr
✓
120
50
12
674
J. Legg
✓
240
120
31
Total
700
300
Cash Receipts Journal
Debits
Credits
Other Accounts
Cost of Goods
Date
Sales Accounts Sales Account Post.
Cash Discounts Receivable Revenue Title
Sold Dr
Ref.
Amount
Inventory Cr
May 16
I. Pax
✓
19
F. Zehr
✓
24
600
600
380
30
W. Singh
✓
Required
4
Complete the cash receipts journal for those transactions indicated. There are no sales discounts. Also,
total the journal and show that total debits equal total credits.

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