The company sells a 2/10, n/30 basis. Internet control quite weak, so the senior accountant in charge of the examination of the company's financial statements asked you to make a careful review of the Cash Receipts Book for the month of July, 2020, which is reproduced below. You are asked to compute the cash short or over. Cash Receipts Cash Accounts Date Account Item Cash Sales Discount Receivable P 784 588 7/5 7/10 7/11 7/12 Bart 6/24 invoice 16 800 Carrie 6/30 invoice 12 600 Cash Sales 25 25 Bart 7/1 invoice 294 6. 300 7/13 7/14 Antonio 7/15 Cash Sales 32 32 7/3 invoice 877 23 900 Cash Sales 38 38 7/16 Bart 7/1 686 14 700 7/18 Cash Sales 30 30 7/20 Carrie 7/20 Cash Sales 7/27 Bart 7/9 invoice 578 12 600 27 27 7/16 invoice 490 10 500 P 4,439 P 142 103 4,400
The company sells a 2/10, n/30 basis. Internet control quite weak, so the senior accountant in charge of the examination of the company's financial statements asked you to make a careful review of the Cash Receipts Book for the month of July, 2020, which is reproduced below. You are asked to compute the cash short or over. Cash Receipts Cash Accounts Date Account Item Cash Sales Discount Receivable P 784 588 7/5 7/10 7/11 7/12 Bart 6/24 invoice 16 800 Carrie 6/30 invoice 12 600 Cash Sales 25 25 Bart 7/1 invoice 294 6. 300 7/13 7/14 Antonio 7/15 Cash Sales 32 32 7/3 invoice 877 23 900 Cash Sales 38 38 7/16 Bart 7/1 686 14 700 7/18 Cash Sales 30 30 7/20 Carrie 7/20 Cash Sales 7/27 Bart 7/9 invoice 578 12 600 27 27 7/16 invoice 490 10 500 P 4,439 P 142 103 4,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Problem 1:
The company sells a 2/10, n/30 basis. Internet control quite weak, so the senior accountant in charge of the
examination of the company's financial statements asked you to make a careful review of the Cash Receipts
Book for the month of July, 2020, which is reproduced below. You are asked to compute the cash short or
over.
Cash Receipts
Cash
Accounts
Date Account
Cash
P 784
588
Item
Sales
Discount
Receivable
7/5
7/10 Carrie
Bart
6/24 invoice
P
16
800
6/30 invoice
12
600
7/11
Cash Sales
25
25
7/12 Bart
7/13 Cash Sales
7/14 Antonio
7/15 Cash Sales
7/16 Bart
7/18 Cash Sales
7/20 Carrie
7/20 Cash Sales
7/27 Bart
7/1 invoice
294
6.
300
32
32
713 invoice
877
23
900
38
38
7/1
686
14
700
30
30
7/9 invoice
578
12
600
27
27
7/16 invoice
490
10
500
P 4,439
P 142
103
P
4,400
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education