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Discuss correct journal entries that should have been made

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Reference no: EM131813716

Date

 

Actually

Received

From

 

Actual

Cash

Receipts

Recorded

as

Received From

Receipts Recorded and Deposited

 

 

Receipts

Withheld

Dec. 1

Abbott

Crane

$ 750

1,035

Crane

$1,035

$750

Dec. 2

Barstow

White

750

130

Abbott

White

$ 750

$130

 

Dec. 3

Crawford

Miller

1575

400

Barstow

Miller

750

400

$825

 

 

$4,640

 

$3,065

$1,575

Present (a) the correct journal entries that should have been made if lapping had not occurred and (b) entries made that would reflect the lapping of cash receipts collected on credit sales.

Reference no: EM131813716

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