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The following transactions took place at Nickie's Sports Gear during the first week of October 20X1. DATE TRANSACTIONS Oct. 1 Had cash sales of
The following transactions took place at Nickie's Sports Gear during the first week of October 20X1. DATE TRANSACTIONS Oct. 1 Had cash sales of $6,400 plus sales tax of $512; there was a cash overage of $11. 2 Collected $870 on account from James Lynn, a credit customer. 3 Had cash sales of $5,450 plus sales tax of $436. 4 Eddie Reynolds, the owner, made an additional cash investment of $23,000. 6 Had cash sales of $7,200 plus sales tax of $576; there was a cash shortage of $19. Indicate how these transactions would be entered in a cash receipts journal. (Negative amounts should be indicated by a minus sign.) Date Oct 1, 20X1 Oct 2, 20X1 Oct 3, 20X1 Oct 4, 20X11 Oct 6, 20X1 Answer is not complete. CASH RECEIPTS JOURNAL Description Accounts Receivable Credit Sales Tax Payable Sales Credit Credit Cash sales S 5120 S 6,400 Other Accounts Credit Account Name Cash short or over Cash Amount Debit S 11 ( James Lynn 870 8700 Cash sales Investment by owner Cash sales 436 5,450 576 7,200 Eddie Reynolds, Capital Cash short or over 23,000 ( (19) 23,000 > >
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