Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts Accounts, Inv. Inventory) 1 (Click the icon to view the transactions.) Cash Receipts Journal Page : Post Accounts Sales Sales Disc. Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Merchandise Inv. CR 2024 Jul. O More Info Jul. 5 Sold merchandise inventory for cash, $2,300. Cost of goods, $2,000. Jul. 12 Collected interest revenue of $2,400. Jul, 18 Received cash from Hank Noll, $900, on account. There was no discount. Jul. 29 Received $5.600 from Mckenna Door in full settlement of his account receivable including sales discounts forfeited of $65. Print Done

Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts Accounts, Inv. Inventory) 1 (Click the icon to view the transactions.) Cash Receipts Journal Page : Post Accounts Sales Sales Disc. Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Merchandise Inv. CR 2024 Jul. O More Info Jul. 5 Sold merchandise inventory for cash, $2,300. Cost of goods, $2,000. Jul. 12 Collected interest revenue of $2,400. Jul, 18 Received cash from Hank Noll, $900, on account. There was no discount. Jul. 29 Received $5.600 from Mckenna Door in full settlement of his account receivable including sales discounts forfeited of $65. Print Done

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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Which of the following error will be a complete reversal of entries for the purchase of stationery for cash OMR 50 by the business? a. Debit Stationery OMR 50 and Credit Cash OMR 50 b. Debit Cash OMR 50 and Credit Purchase OMR 50 c. Debit Cash OMR 50 and Credit Stationery OMR 50 d. Debit Purchase OMR 50 and Credit Cash OMR 50
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