Brief Exercise 21-1 Determine cash received from customers LO21-3] Horton Housew

Question

Brief Exercise 21-1 Determine cash received from customers LO21-3] Horton Housewares' accounts receivable decreased during the year by $10.0 million $43.0 million? entered as 5.5 Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be million b. Prepare a summary entry that represents the net effect of the selling and collection activities during the reporting period. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5), If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the net effect of the selling and collection activities. Even General Journal Debit Credit TOSHIBA

Explanation / Answer

a)Cash = Sales+Decrease account receivable

           =(10+43)

Cash collection = 53

b) Journal entry :

Date accounts & explanation debit credit Cash 53      Sales a/c 53 (To record collection)

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