1.WaterwayEnterprises owns the following assets at December 31, 2020.

Cash in banksavings account71,600Checking account balance19,500Cash on hand8,510Postdated checks950Cash refund due from IRS40,600Certificates of deposit (180-day)90,560

What amount should be reported as cash?

2.(a)Recent financial statements ofGeneral Mills, Inc.report net sales of $12,935,726,000. Accounts receivable are $918,316,000at the beginning of the year and $981,411,000at the end of the year.

Compute General Mills' accounts receivable turnover.(Round answer to 2 decimal places, e.g. 15.25.)

(b)Compute General Mills' average collection period for accounts receivable in days.(Round answer to 2 decimal places, e.g. 15.25.)

3.On June 3,SandhillCompany sold to Chester Company merchandise having a sale price of $3,600with terms of2/10, n/60, f.o.b. shipping point. An invoice totaling $91, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company.

Prepare journal entries on theSandhillCompany books to record all the events noted above under each of the following bases.

(1)Sales and receivables are entered at gross selling price.

(2)Sales and receivables are entered at net of cash discounts.