Sandhill Company's chart of accounts includes the following selected accounts. 101 Cash 401 Sales Revenue 112 Accounts Receivable 414 Sales Discounts 120 Inventory 505 Cost of Goods Sold 301 Owner's Capital On April 1, the accounts receivable ledger of Sandhill Company showed the following balances: Morrow $1.560, Rose $1,200, Jennings Co. $2,890, and Dent $2,500. The April transactions involving the receipt of cash were as follows. Apr. The owner, T. Sandhill, invested additional cash in the business $7.260. 1 4 Received check for payment of account from Dent less 2% cash discount. 5 Received payment in full for $960 from Jennings Co for invoice no. 307. 8 Made cash sales of merchandise totaling $7.230. The cost of the merchandise sold was $4,338 10 Received payment in 11 full for $555 from Morrow for invoice no. 309. Received cash refund from a supplier for damaged merchandise $710. Received payment in full for $1,100 from Jennings Co. for invoice no. 310. Received check for payment of account from Rose (no cash discount allowed). 23 29

Sandhill Company's chart of accounts includes the following selected accounts. 101 Cash 401 Sales Revenue 112 Accounts Receivable 414 Sales Discounts 120 Inventory 505 Cost of Goods Sold 301 Owner's Capital On April 1, the accounts receivable ledger of Sandhill Company showed the following balances: Morrow $1.560, Rose $1,200, Jennings Co. $2,890, and Dent $2,500. The April transactions involving the receipt of cash were as follows. Apr. The owner, T. Sandhill, invested additional cash in the business $7.260. 1 4 Received check for payment of account from Dent less 2% cash discount. 5 Received payment in full for $960 from Jennings Co for invoice no. 307. 8 Made cash sales of merchandise totaling $7.230. The cost of the merchandise sold was $4,338 10 Received payment in 11 full for $555 from Morrow for invoice no. 309. Received cash refund from a supplier for damaged merchandise $710. Received payment in full for $1,100 from Jennings Co. for invoice no. 310. Received check for payment of account from Rose (no cash discount allowed). 23 29

Name: displayed in the problem statement. Round answers to O decimal places
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Description: displayed in the problem statement. Round answers to O decimal places, eg 5.275)Cash Receipts JournalAccounts ReceivableDr.Sales Revenue Cr.(112)(401)School and MadisOther Accounts Cr.(X)CR1Cost of Goods Sold Dr.Inventory Cr.(505X120) Sandhill Compa

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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