The cash receipts journal of Slopes Ski Shop appears in Exhibit 7-8, page 390, along with the

Question:

The cash receipts journal of Slopes Ski Shop appears in Exhibit 7-8, page 390, along with the company's various ledger accounts. Use the data in Exhibit 7-8 to answer the following questions raised by Steve Austin, owner of the business.
1. How much were total cash receipts during November?
2. How much cash did Slopes collect on account from customers? How much in total discounts did customers earn by paying quickly? How much did Slopes's decrease because of collections from customers during November?
3. How much were cash sales during November?
4. How much did Slopes borrow during November? Where else could you look to determine whether Slopes has paid off part of the loan?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...