How do journalize the entries to record the transactions

Assignment Help Financial Accounting
Reference no: EM132952629

The following selected transactions relate to cash collections for a restaurant. No money was in the register at the beginning of the shift.

Problem 1: Journalize the entries to record the transactions for each of the two days of cash receipts from sales.

(a) Actual cash in cash register, $5,412.36; cash receipts per cash register tally, $5,413.07.

(b) Actual cash in cash register, $3,712.95; cash receipts per cash register tally, $3,712.16.

Reference no: EM132952629

Questions Cloud

How much of the assembly overhead should allocated to wheels : The company produces 300000 wheels and 600000 seats each year. How much of the assembly overhead should be allocated to wheels
What is the total fixed manufacturing overhead : What is the total fixed manufacturing overhead if Bernard Company manufactures 20,000 units of part A8? How much of the total fixed manufacturing overhead
Develop a strong theoretical understanding : Develop a strong theoretical understanding, which you will then apply to a specific case shared with you in Part B of this assessment
How governments are different from commercial businesses : According to the Governmental Accounting Standards, Summarize five environmental factors relating to how governments are different from commercial businesses?
How do journalize the entries to record the transactions : Actual cash in cash register, $5,412.36; Journalize the entries to record the transactions for each of the two days of cash receipts from sales.
Which of the statements is correct if market yield increases : Bonds currently have a yield to maturity of 6.5 percent. Which of the statements is correct if the market yield increases to 6.75 percent?
What amount should be reported as basic earnings per share : The entity had P2,000,000 of P10 par value ordinary shares in issue. What amount should be reported as basic earnings per share for the year
Discuss a passenger shipping : a. Discuss a Passenger Shipping (Cruse shipping and Ferry).
What is the adjustment on the beginning retained earnings : Audi Company had been previously using asset method,What is the adjustment on the beginning retained earnings for the effect of the change in accounting policy?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd