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For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting

For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Complete this question by entering your answers in the tabs below. General Cash Recd from Cust Journal Determine the amount of cash received from the customers. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Sales Accounts Rece ivable Cash Received Situation Increase (Decrease) Revenue from Customers 1 150 C 150 20 3 150 (20) No Event General Journal Debit Credit 1 Cash Sales revenue 2 2 Cash Accounts receivable Sales revenue 3 3 Cash Accounts receivable Sales revenue For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers.

ash paid to suppliers for each situation. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Accounts Payable Cash Paid to Cost of Inventory Increase (Decrease) Situation Increase ds Sold (Decrease) Suppliers 225,0 C 0 2 225,0 6.9 0 3 225,0 0 11.2 225.0 4 6.9 11.2 5 225.0 (6.9) (11.2) Debit No Event General Journal Credit Cost of goods sold 1 Cash 2 2 Cost of goods sold Inventory Cash Cost of goods sold 3 3 Accounts payable Cash 4 Cost of goods sold Inventory Accounts payable Cash Cost of goods sold 5 5 Accounts payable Inventory Cash

Feb 06 2020 View more View Less

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