In accounting information systems, Is the cash receipt relatedto account payable or account receivable? What about cashpayment?
In accounting information systems, Is the cash receipt relatedto account payable or account receivable? What about cashpayment?
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PLEASE FOLLOW THE INSTRUCTIONSâ
Assignment: Special Journals: Sales and Cash Receipts (12 Points)
Prepare a cash receipts journal based on the information given below and post it to the Accounts Receivable Subsidiary Ledger.
On Nov 17, Ms. Don & Co. received $1,450 from Gians Graze to apply on account. The source document for this transaction is Receipt 30.
Instructions:
1. Prepare a sales journal entry based on the information given above and post it to the Accounts Receivable General Ledger account and to the Accounts Receivable Subsidiary Ledger. (Use November 7 for this transaction date.) ***This is the same entry that you made for the previous assignment. However, use the transaction date given (Nov. 7).
2. Enter the above transaction (Nov 17) into the Cash Receipts Journal and post it to the Accounts Receivable General Ledger account and to the Accounts Receivable Subsidiary Ledger.
3. Prepare a Schedule of Accounts Receivable and check to see that the total agrees with the Accounts Receivable ledger account.
| Sales Journal | ||||||
| Date | Doc. No. | Customer's Account Name | Post Ref. | Sales Credit | Sales Tax Payable Credit | Accounts Receivable Debit |
| Cash Receipt Journal | ||||||||
| Date | Doc. No. | Account Name | Post Ref. | Sales Credit | Sales Tax Payable Credit | Account Receivable Credit | Sales Discount Credit | Cash in Bank Debit |
| Date | Particulars | Post ref. | Debit | Credit | Balance | |
| Debit | Credit | |||||
| Ms. Don & Co. Schedule of Accounts Receivable November 30, 20xx | ||
| Account Name | Amount | |
| Total Accounts Receivable | $ |
