Cash collections from customers include thecurrent month’s cash sales plus collections on credit sales.
举一反三
- The sales journal is used for recording: A: Credit purchases. B: Credit sales. C: Cash sales. D: Cash purchases. E: Cash receipts.
- At the end of the day, the cash register's record shows $1,250, but the count of cash in the cash register is $1,245. The correct entry to record the cash sales is A: Debit Cash $1,245; Credit Sales $1,245. B: Debit Cash $1,245; debit Cash Over and Short $5; credit Sales $1,250. C: Debit Cash $1,250; credit Sales $1,250. D: Debit Cash $1,250; credit Sales $1,245, credit Cash Over and Short $5. E: Debit Cash Over and Short $5, credit Sales $5.
- Downstairs Company has the following sales budget for the last six months of 2010: July $100,000 August 80,000 September 110,000 October 80,000 November 100,000 December 94,000 Historically, the cash collection of sales has been as follows: 65% of sales collected in month of sale 25% of sales collected in month following sale 8% of sales collected in second month following sale 2% of sales uncollectible What are the expected cash collections of sales in October?
- An extract from a company's sales budget is as follows：$October 224,000November 390,000December 402,00010% of sales are paid for immediately in cash. Of the credit customers, 30% pay in the month following the sale and are entitled to a 1% discount. The remaining customers pay twomonths after the sale is made.What is the value of sales receipts shown in the company's cash budget for December? A: $285,567 B: $286,620 C: $290,430 D: $312,830
- Which TWO of the following are credit entries in the receivables ledger control account? A: Cash paid to credit suppliers B: Discounts received C: Irrecoverable debts D: Sales returns from credit customers