Fill in the missing amounts in the following schedules. * Half of each months sales are on
Question:
Fill in the missing amounts in the following schedules.
* Half of each month’s sales are on account. June sales amounted to $ 180,000.
- 60% of credit sales is collected in the month of sale; 40% is collected in the following month.
- The Euro (€) is used in most European markets.
§ The Yen (¥) is the Japanese national currency. The Chinese national currency is denominated in Yuan, which shares the samesymbol.
Transcribed Image Text:
July $240,000 August $180,000 September 1. Sales Cash receipts From cash sales.. Total cash receipts 2. Accounts payable, 12/31 $? $135,000 102,000 2400,000 Purchase of goods and services on account during 20x1 Payments of accounts payable during 20x1 Accounts payable, 12/31/x1 800,000 ...Y1,700,000% 4,500,000 3,900,000 3. Accounts receivable, 12/31x0 Sales on account during 20x1 Collections of accounts receivable during 20x1 Accounts receivable, 12/31... 4. Accumulated depreciation, 1231/x0.405,000 75,000 Depreciation expense during 20x1 Accumulated depreciation, 1231.. 5. Retained eamings, 12/31/ $1,537500 300,000 Dividends paid in 20x1 Retained eamings, 12/31/t
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1 July August September Sales 240000 180000 270000 a Cash receipts From cash sales 120000 b 90000 c ...View the full answer
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Managerial Accounting Creating Value in a Dynamic Business Environment
ISBN: 978-0078025662
10th edition
Authors: Ronald Hilton, David Platt
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