Question: Consider the three independent situations below (amounts are $ in millions): Required: 1. Calculate cash received from customers. 2. Prepare the summary journal entry for

Consider the three independent situations below (amounts are $ in millions):

Sales Accounts Receivable Cash Received Situation Revenue Increase (Decrease) from Customers 1. 200 -0- ? 2. 200 30 ? 3. 200 (30) ?


Required:

1. Calculate cash received from customers.

2. Prepare the summary journal entry for each situation.

Sales Accounts Receivable Cash Received Situation Revenue Increase (Decrease) from Customers 1. 200 -0- ? 2. 200 30 ? 3. 200 (30) ?

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