ANSWER ALL THE PARTS. NEED DETAILED EXPLANATIONS he following entries. Exercise

Question

ANSWER ALL THE PARTS. NEED DETAILED EXPLANATIONS

he following entries. Exercise 7-5 The sales and cash receipts journals of Jiajng Electronics include the follow the sales and cash receipts urmals (perpetual inventory system) al debits to Cash, $1,060 Sales Journal Post. Accounts Receivable Dr Ref. Sales Revenue Cr 220 Cost of Goods Sold Dr Inventory Cr Date May 7 Invoice No. 671 672 673 120 58 Account Debited I. Pax w. Singh F. Zehr J. Legg Total 120 240 1818 Cash Receipts Journal Debits Credits Other Accounts Sales Accounts Sales Account Post. Date Cash Discounts Receivable Revenue Title Ref. Amount May 16 Cost of Goods Sold Dr Inventory Cr 1. Pax F. Zehr 24 600 600 380 8 | Singh Required Complete the cash receipts journal for those transactions indicated. There are no sales discounts. Also, total the journal and show that total debits equal total credits.

Explanation / Answer

Jiajing Electronics Cash Receipts Journal Debit Credit Date Cash Sales Discount Accounts Receivable Sales Revenue Other Accounts Cost of goods sold Account Title Post Ref. Amount May-16 220 I. Pax 220 May-19 120 F. Zehr 120 May-24 600 600 380 May-30 120 W.Singh 120 Basically in Cash journal you are recording cash received from customers and cash sales and other cash receipts. So, Accounts receivable will get credited by the amount(collected) of sales which were made in sales journal As question says, there are no sales discount, Sales discount column will be blank for all the transaction. Sales revenue will be credited and cash column will be debited when there are cash sales e.g. on May 24 and corresponding cost of sales and Inventory will debited & credited respectively. However, in case of receipt from customer this or last colum will be blank as we have already recorded that entry in sales journal. Post. Ref. refers to No. given to ledger account where these journal will be posted.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.