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Consider the three independent situations below (amounts are $ in millions): Required: 1. Calculate cash received from customers. (Enter your answers in millions (i.e., $10,100,000
Consider the three independent situations below (amounts are $ in millions): Required: 1. Calculate cash received from customers. (Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) Answer is complete and correct. Situation Sale Revenue Accounts Receivable Increase (Decrease) Cash Received from Customers 200 1. 200 0 2 200 30 170 3. 200 (30) 230 2. Prepare the summary journal entry for each situation. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) Answer is not complete. No Transaction General Journal Debit Credit 1 1 Cash 200 Accounts Receivable X 200 2 2 Cash 170 Accounts Receivable 170 X 3 3 Cash 230 Accounts Receivable 230 X
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