Solved

A Company Uses a Cash Receipts Journal (Periodic System) as Shown

Question 125

Multiple Choice

A company uses a cash receipts journal (periodic system) as shown below: A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E) How would the following transactions be recorded in this cash receipts journal?
12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250)
12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30.


A) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)
B) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)
C) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)
D) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)
E) A company uses a cash receipts journal (periodic system) as shown below: How would the following transactions be recorded in this cash receipts journal? 12/10 Sold merchandise to Cat Company for $7,500 cash (cost is $4,250) 12/11 Sold merchandise on credit to Dog, Inc, Invoice No. 852, for $4,000 (cost is $2,200) Terms are 2/10, n/30. A) B) C) D) E)

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q61: The sales journal is used for recording:<br>A)Credit

Q89: Off-the-shelf accounting software is not adequate to

Q101: The five basic principles of accounting information

Q119: Assume that a company uses a sales

Q121: Accounting information systems collect and process data

Q122: Information storage:<br>A)Eliminates the need for professional judgment.<br>B)Keeps

Q126: Special journals are designed in a manner

Q128: Outdoors Unlimited uses special journals to record

Q147: A list of all the accounts in

Q166: Segment information is often useful to investors