The following account balances come from the records of Ourso Company. Beginning Balance $ 3,141 116 Ending Balance $ 3,982 Accounts receivable Allowance for doubtful accounts 202 During the accounting period, Ourso recorded $12,300 of sales revenue on account. The company also wrote off a $123 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable

The following account balances come from the records of Ourso Company. Beginning Balance $ 3,141 116 Ending Balance $ 3,982 Accounts receivable Allowance for doubtful accounts 202 During the accounting period, Ourso recorded $12,300 of sales revenue on account. The company also wrote off a $123 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable

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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The cash register tape for Larkspur Industries reported sales of $7,146.30. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $52.78. (b) Cash on hand exceeds cash reported by cash register tape by $29.45. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) Cash 7093.52 Cash Over and Short 52.78 Sales Revenue 7146.30 (b) Cash 7093.52 Sales Revenue 7146.30 Cash Over and Short 29.45
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The cash register tape for Oriole Industries reported sales of $27,662.00. Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $45.00. (b) Cash on hand exceeds cash to be accounted for by $20.50. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)
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show how the accounts related to the preceding sale and collection activities shoukd be reported on the current year income statement PLEASE DO NOT ANSWER IMAGE FORMET
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