Your answer is partially correct. Lily recorded the following transactions during the month of April. April 3 April 16 April 20 Cash Service Revenue Rent Expense Cash Salaries and Wages Expense Cash 2,400 650 Cash 200 4/16 2,400 Post these entries to the Cash T-account of the general ledger to determine the ending balance in cash. The beginning on April 1 was $1,600. (Post entries in the order presented in the problem statement.) 4/20 650 200 650 200

Your answer is partially correct. Lily recorded the following transactions during the month of April. April 3 April 16 April 20 Cash Service Revenue Rent Expense Cash Salaries and Wages Expense Cash 2,400 650 Cash 200 4/16 2,400 Post these entries to the Cash T-account of the general ledger to determine the ending balance in cash. The beginning on April 1 was $1,600. (Post entries in the order presented in the problem statement.) 4/20 650 200 650 200

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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Madison Company's cash ledger reports the following for the month ending March 31. Date Amount No. Date Amount Deposits: 3/4 $ 1,400 Checks: 541 3/2 $ 5,700 3/11 1,700 542 3/8 700 3/18 3,700 543 3/12 3,000 3/25 3,500 544 3/19 1,500 Cash receipts: 3/26-3/31 2,100 545 3/27 700 $ 12,400 546 3/28 800 547 3/30 1,200 Balance on March 1 $ 6,100 $ 13,600 Receipts 12,400 Disbursements (13,600 ) Balance on March 31 $ 4,900 Information from March's bank statement and company records reveal the following additional information: The ending cash balance recorded in the bank statement is $6,970. Cash receipts of $2,100 from 3/26–3/31 are outstanding. Checks 545 and 547 are outstanding. The deposit on 3/11 included a customer's check for $410 that did not clear the bank (NSF check). Check 543 was written…
2., On November 30, XYZ, Inc.'s petty cash fund of $150 is replenished. The fund contains cash of $30, and receipts for supplies of $75 and postage of $45. Prepare the journal entry to record the replenishment of the petty cash fund.
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b. The following selected transactions relate to 2 days' cash collections for a firm that maintains a $100 change fund at all times: a. Actual cash in cash register, $5,633; cash receipts per cash register tally, $5,724. b. Actual cash in cash register, $5,866; cash receipts per cash register tally, $5,782. Journalize the sales and cash receipts for each of the 2 days. If an amount box does not require an entry, leave it blank. a. 000 Previous
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