CHAPTER 21 (5.)

• For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions and prepare journal entries
• Prepare journal entries- record the sales to customers in situation 1,2,3

Cash Recd from Cust General Journal Determine the amount of cash received from the customers. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Situation Sales Revenue Accounts Receivable Increase (Decrease) Cash Received from Customers 220 220 220 (13)