For each of the three independent situations determine the amount of cash received from the customers...
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For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Answer is not complete. Complete this question by entering your answers in the tabs below. Cash Recd General from Cust Journal Determine the amount of cash received from the customers. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Sales Accounts Receivable Cash Received from Customers Situation Revenue Increase (Decrease) 1 245 245 245 18 227 245 (18) 263 2. 3. Cash Recd General from Cust Journal Prepare journal entries that summarize the selling and collection activities for the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) No Event General Journal Debit Credit 1 1 Cash 245 Accounts receivable 245 Cash 227 Accounts receivable 227 Cash 263 Accounts receivable 263 2. 2. For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Answer is not complete. Complete this question by entering your answers in the tabs below. Cash Recd General from Cust Journal Determine the amount of cash received from the customers. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Sales Accounts Receivable Cash Received from Customers Situation Revenue Increase (Decrease) 1 245 245 245 18 227 245 (18) 263 2. 3. Cash Recd General from Cust Journal Prepare journal entries that summarize the selling and collection activities for the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) No Event General Journal Debit Credit 1 1 Cash 245 Accounts receivable 245 Cash 227 Accounts receivable 227 Cash 263 Accounts receivable 263 2. 2.
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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