1 of 10 This question: 1 point(s) possible Submit quiz The cash receipts journal below contains five entries. All five entries are for legitimate cash receipt transactions, but the journal contains some errors in recording the transactions. In fact, only one entry is correct, and each of the other four entries contains one error. (Click the icon to view the data) Required 1. Identify the correct entry in the cash receipts journal 2. Identify the error in each of the other four entries. 1. Prepare a corrected cash receipts journal. All column totals are correct in the cash receipts journal shown. Requirement 1. Identify the correct entry in the cash receipts journal The correct entry is the cash receipt on account. Cash is property Sales Discounts is and Accounts Receivable is Requirement 2. Identify the error in each of the other four entries The errors in the other four transactions are Date Errors Mar $3,800 should be debited to Mar $110,000 should be cradited to Mar $870 credit to was omitted Mar $19,000 credit to is incorrect not credited to in the Other Accounts "Amount" column, not credited to Cash Receipts Journal Sales Accounts Sales Requirement 3. Prepare a corrected cash receipts journal. All column totals are correct in the cash receipts journal shown. The corrected cash journal would be: (Leave any unused cells blank.) Debits Page 16 Cost of Goods Sold Dr. Inventory Credits Other Accounts Account Post Date Cash Discount Receivable Revenue Title Ref. Amount Cr. Mar 31 X 9 X 10 19 19 30 31 140.890 380 12,400 12.870 116,000 7,540 Total Debits $ 141.270 Total Credits $ 141,270 n list 1 ontains live ommes five emnes are for fegumato cash receipt mansetions; but the joum contains some errors in recording the transactions: In The cash receipts joume entry is correct, and each of the other four entries contains one error More info Cash Receipts Journal Page 18 an 2 Debits Credits on 3 Date Cash Sales Discount Accounts Receivable Sales Revenue Account Other Accounts Post Title Ref. Amount Cost of Goods Sold Dr. Inventory Cr Mar 3 8.220 380 On 4 8.600 Abstract Lid X 9 3.800 3.800 Chrissy Hayes x 10 116,000 116,000 Land 19 on 5 19 870 440 30 12.000 19.000 7,100 31 137,000 380 12.400 138.800 7,540 on 6 Total Debits $137,470 (11) (42) (12) (41) x (51/13) Total Credits $ 151.200 on 7 Lion 8 tion 9 Print Done