Problem 7-3A The cash receipts journal shown below contains five entries. All five entries are for legiti etoy sotent mate cash receipt transactions, but the journal contains some errors in recording the C transactions. In fact, only one entry is correct, and each of the other four entries contains Co one error. 423 Chapter 7 Accounting Information Systems Page 22 Debits Other Accounts Post Cost of Goods Sales Sold Dr Accounts Sales Date Cash Discounts Receivable Revenue Jan. 4 7 6,000 AmountInventory C 4,200 2,030 4,200 6,220 220 Debbie Hughes Note Receivable 13 53,900 Interest Revenue 45 3,500 13 57,400 2,100 4,620 30 15,400 10,780 31 78,800 4,130 63,620 4,420 8,820 )(51/13) (42) (12) (41) Total Dr $83,220 Total Cr- $83,220 Required 1. Identify the correct entry in the cash receipts journal above. 2. Identify the error in each of the other four entries 3. Using the following format, prepare a corrected cash receipts journal. All column totals are correct in the cash receipts journal that follows. Page 22 Cash Receipts Journal Credits Debits Cost of Goods Sold Dr Sales AccountsSales Date Cash Discounts Receivable Revenue Post. Jan. 4 Debbie Hughes Note Receivable13 Interest Revenue 45 4,130 8,820 Totals 57,400 17,000 31 83,000 (51/13) (12) (41) (42) Total Cr $83,220 Total Dr $83,220