Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions took place at Micky's Sports Emporium during the first week of October 20X1. DATE TRANSACTIONS October 1 Had cash sales of $7,000

The following transactions took place at Micky's Sports Emporium during the first week of October 20X1. DATE TRANSACTIONS October 1 Had cash sales of $7,000 plus sales tax of $490; there was a cash overage of $10. October 2 Collected $990 on account from John Carter, a credit customer. October 3 Had cash sales of $5,400 plus sales tax of $378. October 4 Mickey O'Donnell, the owner, made an additional cash investment of $24,000. October 6 Had cash sales of $6,900 plus sales tax of $483; there was a cash shortage of $24. Indicate how these transactions would be entered in a cash receipts journal. Note: Negative amounts should be indicated by a minus sign. Date Description Accounts Receivable Credit CASH RECEIPTS JOURNAL Sales Tax Payable Credit Sales Credit Other Accounts Credit Account Name Amount Cash Debit
image text in transcribed
The following transactions took place at Micky's Sports Emporium during the first week of October 201. DATE. TRAOSACTIOCS October 1 Had cash sales of $7,690 plus sales tax of \$490; there was a cash overage of $10. october 2 collected $990 on account fron John Carter, a credit custoner. October 3 Mad cash sales of 55,400 plus sales tax of 5378 . October 4 Mickey 0 'Donnel1, the owner, made an additional cash Investment of $24,000. October 6 Had cash sales of 55,960 plus sales tax of 5433 ; there was a cash shortoge of $24. Indicate how these transactions would be entered in a cash receipts journal Note: Negotive omounts should be indicated by a minus sign

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_2

Step: 3

blur-text-image_3

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

Introduction To Government And Not For Profit Accounting

Authors: Martin Ives, Laurence Johnson, Joseph R. Razek, Gordon A. Hosch

6th Edition

0132366355, 978-0132366359

More Books

Students also viewed these Accounting questions

Question

What is the difference between needs and wants? (p. 263)

Answered: 1 week ago

Question

=+2. How can the revenue model of the music industry be described?

Answered: 1 week ago