Jul. 5 Sold merchandise inventory for cash, $1,700. Cost of goods, $1,400. 12 Collected interest revenue of

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Jul. 5 Sold merchandise inventory for cash, $1,700. Cost of goods, $1,400.

12 Collected interest revenue of $2,050.

18 Received cash from Heidi Next, $1,200, on account. There was no discount.

29 Received $5,300 from Mitch Dylan in full settlement of his account receivable including sales discounts forfeited of $20.

Use the following cash receipts journal to record the preceding transactions.

Cash Receipts Journal Page 3 Cost of Goods Sold DR Merchandise Inventory CR Sales Discounts Forfeited CR Account Credite

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Horngrens Financial And Managerial Accounting The Financial Chapters

ISBN: 9780134486840

6th Edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: Oct 27, 2017 04:29 AM

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Jul. 5 Sold merchandise inventory for cash, $1,700. Cost of goods, $1,400. 12 Collected interest revenue of

Question:

Cash Receipts Journal Page 3 Cost of Goods Sold DR Merchandise Inventory CR Sales Discounts Forfeited CR Account Credited Other Accounts CR Post. Accounts Sales Ref. Cash DR Receivable CR Revenue CR Date 2018

Step by Step Answer:

Requirement 1 Cash Receipts Journal Page 3 Date Account Credited Post Ref Cash DR Ac...View the full answer

Horngrens Financial And Managerial Accounting The Financial Chapters

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