- On Jan. 2, Callie Company received a $700 payment from a customer previously billed for services performed. The journal entry to record this transaction would include a (debit, credit) to the account and a (debit, credit) to the Accounts Receivable account.
- On Jan. 2, Callie Company received a $700 payment from a customer previously billed for services performed. The journal entry to record this transaction would include a (debit, credit) to the account and a (debit, credit) to the Accounts Receivable account.
Related questions
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 | $ |
Question 26
Corresponds to CLO 6(b) Mann Corporation's employees workedovertime to complete an order that is sold on July 27. The officesends a statement to the customer on August 15, and payment isreceived on September 5. Mann follows generally accepted accountingprinciples (GAAP). In what month should the overtime wages beexpensed?
either July or August, depending on when the pay period ends | ||
September | ||
August | ||
July |
3 points
Question 27
Corresponds to CLO 6(c) Sight Company had the followingtransactions during 2013: sales of $5,000 on account; collected$1,600 for services to be performed in 2014; paid $4,100 cash for2013 salaries; purchased airline tickets for $800 in December for atrip to take place in 2014. What is Sight's 2013 net income usingaccrual accounting?
$1,700 | ||
$900 | ||
$2,500 | ||
$5,800 |
3 points
Question 28
Corresponds to CLO 6(d) Lyme Corporation had the followingtransactions during 2013: sales of $8,000 on account; collected$4,500 for services to be performed in 2014; paid $3,000 cash for2013 salaries; paid $400 for airline tickets for a trip to takeplace in 2014. What is Lyme's 2013 net income using cash basisaccounting?
$4,600 | ||
$9,100 | ||
$1,100 | ||
$1,500 |
3 points
Question 29
Corresponds to CLO 7(a) Ping Sports Company purchases $1,000 ofmerchandise on credit. Using the perpetual inventory approach, thejournal entry to record this transaction would be:
debit: Inventory $1,000; credit: Accounts Payable $1,000 | ||
debit: Accounts Payable $1,000; credit: Inventory $1,000 | ||
debit: Accounts Payable $1,000; credit: Purchases $1,000 | ||
debit: Purchases $1,000; credit: Accounts Payable $1,000 |
3 points
Question 30
Corresponds to CLO 7(b) Gardner Corporation had sales of $2,400on account on January 9, 2013. Gardner uses the periodic inventorymethod. The journal entry to record this transaction wouldinclude:
a debit to Sales Revenue and a credit to AccountsReceivable. | ||
a debit to Accounts Receivable, a credit to Sales Revenue, adebit to Cost of Goods Sold, and a credit to Inventory. | ||
a debit to Accounts Receivable and a credit to SalesRevenue. | ||
a debit to Accounts Receivable, a credit to Sales Revenue, adebit to Cost of Goods Sold, and a credit to Purchases. |
