Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jul. 5 Sold merchandise inventory for cash, $ 2 , 6 0 0 . Cost of goods, $ 2 , 1 0 0 . Jul.

Jul. 5 Sold merchandise inventory for cash, $2,600. Cost of goods, $2,100.
Jul. 12 Collected interest revenue of $2,200.
Jul. 18 Received cash from Hadden Nape, $800, on account. There was no discount.
Jul. 29 Received $5,400 from Megan Doll in full settlement of his account receivable including sales discounts forfeited of $25.Jul. 5 Sold merchandise inventory for cash, $2,600. Cost of goods, $2,100.
Jul. 12 Collected interest revenue of $2,200.
Jul. 18 Received cash from Hadden Nape, $800, on account. There was no discount.
Jul. 29 Received $5,400 from Megan Doll in full settlement of his account receivable including sales discounts forfeited of $25.
Use the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory)
i)(Click the icon to view the transactions.)
\table[[Cash Receipts Journal,],[Date,Account Credited,\table[[Post.],[Ref.]],Cash DR,\table[[Accounts],[Rec. CR]],\table[[Sales],[Rev. CR]],\table[[Sales Disc.],[Forfeit. CR]],\table[[Other],[Accts CR]],\table[[Cost of],[Goods Sold],[DR],[Merchandise],[Inv. CR]]],[2024],[Jul.,,,,,,,,],[,,,,,,,,],[,,,,,,,,],[,,,,,,,,],[,,,,,,,,]]
Jul. 5 Sold merchandise inventory for cash, $2,600. Cost of goods, $2,100.
Jul. 12 Collected interest revenue of $2,200.
Jul. 18 Received cash from Hadden Nape, $800, on account. There was no discount.
Jul. 29 Received $5,400 from Megan Doll in full settlement of his account receivable including sales discounts forfeited of $25.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Theory

Authors: Craig Deegan, H. Bierman

4th Edition

0071013148, 978-0071013147

More Books

Students also viewed these Accounting questions

Question

I felt sorry for the clerk.

Answered: 1 week ago

Question

How would you rate Indra Nooyi using the Blake-Mouton grid?

Answered: 1 week ago