Question

Provide JOURNAL ENTRIES FOR THE FOLLOWING ($ million) CASH Non Cash TOTAL 7 Receivables - Cash...

Provide JOURNAL ENTRIES FOR THE FOLLOWING

($ million) CASH Non Cash TOTAL
7 Receivables - Cash Receipts from Customers [A]
Cash Receipts    .   
Receipts, prior year 300
Receipts, current year 800
TOTAL CASH RECEIPTS 1100 0 1100
[A] See transaction [2] for the accrual of Credit Sales
8 Vendors - Cash Payments to Vendors [B] - CASH OUTFLOWS
Cash paid on prior year 300
Cash paid in current 100
Subtotal 400 0 400
[B] See transaction [1} for the purchase on credit in current year.
OUtFLOW
25 50 in Debt carried as a Liability is repurchased for Cash 50 50
This represents its Fair Value and its Carrying Amount
Business   Accounting   
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Homework Answers

Answer #1

transaction 7

cash received from customer A.

Particular Debit Credit
Cash account (Dr.) 1100
Accounts receivable account ~ customer A (Cr.) 1100
(To record cash received from customer A)

transaction 8

cash paid to vendor.

Particular Debit Credit
Accounts Payable account ~ vendor B (Dr.) 400
Cash account (Cr.) 400
(To record cash paid to vendor B)

transaction 25

Particular Debit Credit
Cash account (Dr.) 50
Bad debts recovered (Cr.) 50
(To record bad debts collected)
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