The Cash Receipts Journal of the Marites Co shows the following accounts and account balances Sales P 125,000 Accounts receivable 65.000 Sundry accounts (credit) 1,802.650 Sales discount ??? If sales discount is 4% of sales balance, how much is the cash balance per cash receipts journal?

Q: If the cash register tape indicates cash sales were $4,000 and HST was $520, the journal entry to…

A: Journal Entries -Journal Entries are the records of the transactions entered into by the company.…

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

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A: Account Receivable is an amount due from the customer or client to whom goods and services are…

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Q: The cash register tape for Oriole Industries reported sales of $7,612.00. Record the journal entry…

A: For (a) part cash amount to be debited is $7566.50 (7,612.00 - 45.50) For (b) part cash amount to be…

Q: Blackwell Co. has credit sales of $317,428, costs of goods sold of $151,217, and average accounts…

A: Days sales in outstanding is the number of days required to collect receivables from credit…

Q: Post transactions to ledger by using the standard form Prepare a trial balance at April 30, 2019

A: 1. Post transactions to ledger accounts as shown below:

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A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…

Q: 2 POINTS Problem: Cash Over (Short) JWU Bookstore has one cash register. On a recent day, the cash…

A: S.no Particulars Amount in Dr. Amount in Cr. 1. Cash A/c     To Sales A/c (Being Sales recorded)…

Q: Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively.…

A: Cash collections for the period = Opening balance of accounts receivable + Credit sales for the…

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A: Financial ratios:Financial ratios refer to the mathematical relationship between the two figures of…

Q: Calculate the cash discount and the net amount due the transaction (in $).

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Q: Record the journal entry for Sales and for Cash Over and Short for each of the following separate…

A: Journal entries:When business transaction is recorded in the business books then it is referred as…

Q: Returns of goods purchased for cash 50 Payments to credit suppliers 990 Rental income 1,300 Payment…

A: Bank Account Particulars Amount ($) Particulars  Amount ($) To overdraft 1340 By Creditors 990…

Q: Saifi halwa shop sold RO 200 worth of halwa to customers for cash. Which of the following statement…

A: A journal entry is the first step in recording financial transactions in the books of business…

Q: Cash and accounts receivable for Adams Company are as follows: Prior Current Year Year Cash $41,208…

A: Dollar change in Cash = Current Year Cash - Prior Year Cash Dollar change in Accounts Receivable =…

Q: Entry for cash sales; cash short The actual cash received from cash sales was $35,440, and the…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable…

A: Average collection period is calculated by dividing number of days in a year by accounts receivable…

Q: Beginning and ending accounts receivable are $76,000 and $42,000, respectively. Sales for the period…

A: The credit sales are the sales for which cash will be collected in the near future. The account…

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A: Direct method:   This method uses the basis of cash for preparing the cash flows statement. In this…

Q: 29. The Cash Receipts Journal of the X & Y Co shows the following accounts and account balances:…

A: A cash receipts journal is a type of journal that is used to record cash that a company receives…

Q: Accounts Receivable, beg. 140,000.00; Accounts Receivable, end 75,000; Net Sales - 3,500,000.00. Of…

A: Answer -  Cash Collection from Sales on Account =  Beginning Accounts receivables + Sales - Ending…

Q: Case X: Compute cash received from customers Sales $ 790,000 Accounts receivable, Beginning balance…

A: Statement of cash flow can be prepared either using direct method or indirect method. It helps in…

Q: Accounts Receivable, beg. 140,000.00; Accounts Receivable, end 75,000.00; Net Sales - 3,500,000.00.…

A: Formula: Cash Collection from Sales on Account = Beginning Accounts receivable + Credit sales -…

Q: Required information [The following information applies to the questions displayed below.] Tracy…

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Q: #9: Accounts Receivable, beg. 150,000.00; Accounts Receivable, end 125,000.00; Cash Collection from…

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Q: You gather the following information before doing the month end account reconciliation. Cash per…

A: The bank reconciliation statement is prepared to adjust the cash book and pass book to match their…

Q: The cash register tape for Larkspur Industries reported sales of $7,146.30. Record the journal entry…

A: a. Cash = Sales revenue - Cash short  = 7146.30 - 52.78 = 7093.52 b. Cash = Sales revenue + Cash…

Q: The cash register tape for Oriole Industries reported sales of $27,662.00. Record the journal entry…

A: Introduction: Journals: Recording of business transactions in a chronological order. First step in…

Q: The following selected information is taken from the general ledger of Wildhorse Limited: Sales…

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A: 1. Accounts Receivable, beg P15,000 - It is related to the prior period 2. Accounts Receivable, end…

Q: Describe the transaction recorded. Cash 593.60        Sales Tax Payable    44.80     Sales…

A: Introduction: Ledgers: After recording journal entries all the entries are to be posted in…

Q: Please do not use ai

A: The question asks you to calculate the "days' sales in receivables," which tells us how many days it…

Q: Beginning accounts receivable were $135,600 and ending accounts receivable were $128,640. All sales…

A: Cash collected from customers = Beginning accounts receivable + Credit sales - Ending accounts…

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…

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A: Accounts receivable: It implies to the amount that has been owed by the customers to the business.…

Q: ales for Thursday total $2,205.50. The cash drawer contains $1,255.25, credit card transactions…

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Q: At the end of the day, the cash register tape shows $1.000 in cash sales but the count of cash in…

A: The journal entries are prepared to record the transactions on regular basis. The cash short and…

Q: Action Signs recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. How would…

A: Gross method: Under gross method purchases or sales made will be recorded at full price with out…

Q: 5. The following balances were extracted from the books of Atuobi Trading Company on 30 November…

A: 1. Total Debtors Ledger Control Account- Debtors control account considers all the credit sales,…

Q: Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to…

A: 4/10, n/30 means that there will be 4 % discount on amount of invoice ,if payment is made within 10…

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A: Cash receipt journal: Cash receipt journal are used to record all the transaction which involves…

Q: The cash register tape for Sheridan Industries reported sales of $27,292.00. Record the journal…

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Q: Compute for the following using the data provided below: Cash on Hand - P23,500 Cash in Bank -…

A: It is pertinent to note that assets that get realized within 12 months from the end of the reporting…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is