Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $660,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 25 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $97,700 and is budgeted to be $72,400 as of January 31. Required a. Determine the amount of cash Carmen's Dress Delivery expects to collect from accounts receivable during January. Expected cash collection

Carmen's Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $660,000 in December. Because Carmen's Dress Delivery is in the mail-order business, all sales are made on account. The company expects a 25 percent drop in sales for January. The balance in the Accounts Receivable account on December 31 was $97,700 and is budgeted to be $72,400 as of January 31. Required a. Determine the amount of cash Carmen's Dress Delivery expects to collect from accounts receivable during January. Expected cash collection

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 11SPA

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Sales for Thursday total $2,205.50. The cash drawer contains $1,255.25, credit card transactions total $1,020.25, and the cash bank for the drawer has an account balance of $75.00, What is the overage or shortage? O A. $5.00 shortage O B. $.50 shortage O C. $70.00 shortage O D. $5.00 overage
the cash receipts journal. Total and rule the sales journal. Ignore sales taxes. Use the journal format provided below in entering the following transactions it Oct. 1 Collected from Ali Go P12,000 payment on account. 8 Cash sales for the week, P60,000. 10 Gino Pavone made a P12,000 payment on account. 15 Collected from Melissa Perez P71,400 payment on account. 17 Cash sales for the week, P52,000. 19 Owner invested additional cash into the business, P45,000. 25 Collected from Sue Lee P17,200 on account. 30 A bank loan is approved and release to the company, P70,000. ANSWER SHEET CASH RECEIPTS JOURNAL Pagel Debit Credits Date O.R. 2020 Description Accounts Other No. Cash Sales Receivable Accounts 1. 1.
NEED HELP Cash Receipts Transactions Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%. Dec. 1 Received payment on account from Michael Anderson, $1,360. 2 Received payment on account from Ansel Manufacturing, $382. 7 Cash sales for the week were $3,160 plus tax. Bank credit card sales for the week were $1,000 plus tax. Bank credit card fee is 3%. 8 Received payment on account from J. Gorbea, $880. 11 Michael Anderson returned merchandise for a credit, $60 plus tax. 14 Cash sales for the week were $2,800 plus tax. Bank credit card sales for the week were $800 plus tax. Bank credit card fee is 3%. 20 Received payment on account from Tom Wilson, $1,110. 21 Ansel Manufacturing returned merchandise for a credit, $22 plus tax. 21 Cash sales for the week were $3,200 plus tax. 24 Received payment on account from Rachel Carson, $2,000 The beginning general ledger account balances have been entered in the…
2 POINTS Problem: Cash Over (Short) JWU Bookstore has one cash register. On a recent day, the cash register tape reported sales in the amount of $453.70. Actual cash in the register (after deducting the $20 starting balance) was 450.70, which was deposited in the Company's bank account. Prepare a journal entry to record these cash collections. Account Name Debit Credit
A v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLo... Assignment 6d: Chapter 22 Exercises eBook Print Item Schedule of Cash Collections of Accounts Receivable Office World Inc. has "cash and carry" customers and credit customers. Office World estimates that 20% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October $106,000 November 133,000 December 194,000 The Accounts Receivable balance on September 30 was $71,000. Prepare a schedule of cash collections from sales for October, November, and December. Round all calculations to the nearest whole dollar. Office World Inc. Schedule of Collections from Sales For the Three Months Ending December 31 October November December Receipts from cash…
i don't nee help with part 1 i need help with part 2 Cash Receipts Transactions Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%. Dec. 1 Received payment on account from Michael Anderson, $1,360. 2 Received payment on account from Ansel Manufacturing, $382. 7 Cash sales for the week were $3,160 plus tax. Bank credit card sales for the week were $1,000 plus tax. Bank credit card fee is 3%. 8 Received payment on account from J. Gorbea, $880. 11 Michael Anderson returned merchandise for a credit, $60 plus tax. 14 Cash sales for the week were $2,800 plus tax. Bank credit card sales for the week were $800 plus tax. Bank credit card fee is 3%. 20 Received payment on account from Tom Wilson, $1,110. 21 Ansel Manufacturing returned merchandise for a credit, $22 plus tax. 21 Cash sales for the week were $3,200 plus tax. 24 Received payment on account from Rachel Carson, $2,000. Required: 1. Record the…
General ledger confuse with columns - The sugar factory posts petty cash and replenishes the account that holds $350, every week. The accountant mixed the petty cash receipts for the week of October 1-7 with some other business receipts. There was a Sept. 28 receipt for $100 purchase on credit; there was a Oct. 1 receipt for $25 for sugar and Oct 7 receipt for $52 for gas. In sept 30 the receipt for a credit card purchase for pans there was a $15 cash purchase of gas on the same day. Post the journal entry for setting up the petty cash fund. post the journal entry for week of Oct 1 - 7.
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Problem 9.1A (Static) Journalizing cash receipts, cash short or over, and posting to the general ledger. LO 9-1 Candy’s Cupcakes, a retail business, started business on June 25, 20X1. It keeps a $300 change fund in its cash register. The cash receipts for the period from June 25 to June 30, 20X1, are below. DATE TRANSACTIONS June 25 Cash sales per the cash register tape, $1,238. Cash count, $1,529. 26 Cash sales per the cash register tape, $1,346. Cash count, $1,640. 27 Cash sales per the cash register tape, $1,359. Cash count, $1,661. 28 Cash sales per the cash register tape, $1,288. Cash count, $1,582. 29 Cash sales per the cash register tape, $1,135. Cash count, $1,439. 30 Cash sales per the cash register tape, $1,374. Cash count, $1,668. Required: Record the cash receipts from June 25 to June 30, 20X1, in a general journal. Post the amounts for Cash Short or Over in the journal entries to the general ledger.…
Home * CengageNOWv2 | Online teachin x "takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $210,000 February 300.000 March 440,000 All sales are on account. 60% of sales are expected to be collected in the month of the sale, 35% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for January, February, and March. Pet Supplies Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February March January sales on account: Collected in January Collected in February Collected in March February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash…