The cash receipts journal of Austin Sound Center appears in Exhibit 6-11, page 239, along with the
Question:
The cash receipts journal of Austin Sound Center appears in Exhibit 6-11, page 239, along with the company's various ledger accounts. Use the data in Exhibit 6-11 to answer the following questions that Charles Ernest, owner of the business, might face. 1. How much were cash sales during November? 2. How much did Austin Sound borrow during November? Where else could you look to determine whether Austin Sound has paid off part of the loan? 3. How much were total cash receipts during November? 4. How much cash did Austin Sound collect on account from customers? How much in total discounts did customers earn by paying quickly? How much did Austin Sound's accounts receivable decrease because of collections from customers during November?
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones