Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)
Principles of Financial Accounting, Chapters 1-17 - With Access (Looseleaf)
22nd Edition
ISBN: 9781259582394
Author: Wild
Publisher: MCG
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Chapter 8, Problem 9DQ
To determine

Explain the reason for depositing the cash receipts on the same day of collection.

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Hi expert please give me answer general accounting
A company's July 31 bank reconciliation reports outstanding checks of $2,100. The general ledger Cash in Bank account shows total cash disbursements of $62,500 during August. The August bank statement shows $60,900 of checks clearing the bank. What amount of outstanding checks should appear in the August 31 bank reconciliation?
At year-end, BlueWave Corp. has cash of $15,000, current accounts receivable of $75,000, merchandise inventory of $50,000, and prepaid expenses totaling $8,000. Liabilities of $35,000 must be paid next year. Assume accounts receivable had a beginning balance of $25,000, and net credit sales for the current year totaled $3,000,000. How many days did it take BlueWave Corp. to collect its average level of receivables? (Assume 365 days/year.)
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