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Chapter 1: AB-15E (page 36)

Recording transactions—cash receipts journal

Refer to information in Exercise EB-14.

Requirements

1. Prepare headings for a cash receipts journal. Journalize the transactions that should be recorded in the cash receipts journal.

2. Total each column of the cash receipts journal.

Short Answer

Expert verified

Total of cash receipts: $3,420

Step by step solution

01

Cash Receipt Journal Headings





Cash Receipt Journal



Date

Account Credited

Post. Ref.

Cash Dr

Accounts Receivables Cr

Sales Revenue Cr

Sales Discount Forfeited Cr

Other Accounts Cr

Cost of goods sold Dr

Merchandise Inventory Cr

Journal Entries relating to Cash receipt journal

Date

Description

Debit

Credit

Feb 6

Cash

$ 950

Sales revenue

$ 950

Being sales made for cash

6

Cost of goods sold

750

Merchandise Inventory

750

Being cost of goods recorded for sales

12

Cash

170

Interest revenue

170

Being sales made on account

15

Cash

1,050

Accounts receivables

1,050

Being cost of goods recorded for sales

22

Cash

600

Sales revenue

600

Being Sales made for cash

22

Cost of goods sold

530

Merchandise Inventory

530

Being cost of goods recorded for sale

26

Cash

150

Office Supplies

150

Being office supplies sold for cash

28

Cash

500

Accounts receivables

500

Being amount received from receivables

02

Total of Cash receipt journal 

Cash Receipt Journal

Date

Account Credited

Post. Ref.

Cash Dr

Accounts Receivables Cr

Sales Revenue Cr

Sales Discount Forfeited Cr

Other Accounts Cr

Cost of goods sold Dr

Merchandise Inventory Cr

Feb 6

Sales revenue

$950

$ 950

$ 750

12

Interest revenue

170

170

15

Cole Co.

1,050

1,050

22

Sales revenue

600

600

530

26

Office supplies

150

150

28

Dump Co.

500

500

Feb 28

Total

$3,420

$ 1,550

$ 1550

$ 320

$ 1,280

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