The Skyview Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. They use the periodic inventory method. The following sales and cash collections transactions occurred during the month of December:Dec.4Sold merchandise on credit for $3,300 to the B&A Co., Invoice No. 313.?10Sold merchandise for $500 cash to CAR Corp., Invoice 314.?13Collected $3,300 from the B&A Co. for merchandise sold on December 4.?24Sold merchandise on credit for $4,500 to Cowl Corp., Invoice No. 315.Record these transactions using the journals below.Sales Journal?Page 15DateAccount DebitedInvoice NumberPRAccounts Receivable Dr.Sales Cr.??????????????? Cash Receipts Journal?Page 17DateAccount
CreditedExplanationPRCash Dr.Sales Discount Cr.Accounts Receiv. Cr.Sales Cr.Other Accounts Dr.???????????????????????????
What will be an ideal response?
| Sales Journal | Page 15 | |||
| Date | Account Debited | Invoice Number | PR | Accounts Receivable Dr. Sales Cr. |
| 12/4 | B&A Co. | 313 | ? | 3,300 |
| 12/24 | Cowl Corp. | 315 | ? | 4,500 |
| Cash Receipts Journal ? | Page 17 | |||||||
| Date | Account Credited | Explanation | PR | Cash Dr. | Sales Discount Dr. | Accounts Receivable Cr. | Sales Cr. | Other Accounts Cr. |
| 12/10 | Sales | Cash sale | ? | 500 | ? | ? | 500 | ? |
| 12/13 | B&A | Inv. 313 | ? | 3,300 | ? | 3,300 | ? | ? |
You might also like to view...
The First United mutual fund has total assets of $45,500,000 and liabilities of $1,600,000. There are 14,200,000 shares outstanding. What is the net asset value of the fund? (Round to the nearest cent)
What will be an ideal response?
Cash received on account affects
a. cash and accounts payable; b. cash and accounts receivable; c. accounts receivable and revenue; d. accounts receivable and accounts payable; e. cash and owner's equity.
Wholesalers fall into three major groups: merchant wholesalers, brokers and agents, and megawholesalers
Indicate whether the statement is true or false
What is information richness?
A. A global public network of computer networks that pass information from one to another using common computer protocols. B. Refers to the depth and breadth of information transferred between customers and businesses. C. Refers to the number of people a business can communicate with, on a global basis. D. Occurs when those with access to technology have great advantages over those without access to technology.