0.50 points For each of the three independent situations below, prepare journal

Question

0.50 points For each of the three independent situations below, prepare journal entries that summarize the selling and collection activities for the reporting period in order to determine the amount of cash received from customers and to explain the change in each account shown. All dollars are in millions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (ie., 10,000,000 should be entered as 10).) Sales Situation from 170 170 170 23 (23) Journal entry worksheet Record the sales to customers in situation 1

Explanation / Answer

Ans.1 Sales Accounts Receivables Cash Received Situation Revenue Increase (decrease) from customers 1 170 0 170 2 170 23 147 3 170 -23 193 *Cash received from customers = Sales revenue - Accounts receivables Inc./Dec. Ans.2 Journal entries: Situation Particulars Debit Credit 1 Cash 170 To sales revenue 170 2 Cash 147 Accounts receivables 23 To sales revenue 170 3 Cash 193 To Accounts receivables 23 To sales revenue 170 *In the journal entries cash is the cash received from customers.

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