The actual cash received during the week ended June 6 for cash sales was $8,276 and the amount indicated by the cash register total was $8,262. Required: Journalize the entry to record the cash receipts and cash sales. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Equipment 192 Accumulated Depreciation LIABILITIES 210 Accounts Payable 221 Notes Payable 222 Interest Payable 231 Salaries Payable 241 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 515 Credit Card Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 532 Delivery Expense 533 Insurance Expense 534 Supplies Expense 535 Rent Expense 536 Repairs Expense 561 Depreciation Expense 591 Miscellaneous Administrative Expense 592 Miscellaneous Selling Expense 710 Interest Expense Journalize the entry to record the cash receipts and cash sales on June 6. Refer to the Chart of Accounts for exact wording of account titles.

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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Question

The actual cash received during the week ended June 6 for cash sales was $8,276 and the amount indicated by the cash register total was $8,262.

Required:

Journalize the entry to record the cash receipts and cash sales. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
111	Petty Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Supplies
151	Prepaid Insurance
181	Land
191	Equipment
192	Accumulated Depreciation

	LIABILITIES
210	Accounts Payable
221	Notes Payable
222	Interest Payable
231	Salaries Payable
241	Sales Tax Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
516	Cash Short and Over
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Insurance Expense
534	Supplies Expense
535	Rent Expense
536	Repairs Expense
561	Depreciation Expense
591	Miscellaneous Administrative Expense
592	Miscellaneous Selling Expense
710	Interest Expense

Journalize the entry to record the cash receipts and cash sales on June 6. Refer to the Chart of Accounts for exact wording of account titles.

On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of 65,000. The machine, which will be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of
5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. The machine is to be depreciated by the units-of-production method. What is the
amount of depreciation for the first full year?
Question.
O s21,667
O S,000
O s20,000
Os12,000
On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of $65,000. The machine, which wilI be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of
5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. The machine is to be depreciated by the double-declining balance method. What
is the amount of depreciation for the first full year?
Question.
O ss2,000
O SI8,000
O s26,000
O s24,000

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