Reference no: EM132723984
Sunland Company's chart of accounts includes the following selected accounts.
101 Cash 401 Sales Revenue
112 Accounts Receivable 414 Sales Discounts
120 Inventory 505 Cost of Goods Sold
301 Owner's Capital
On April 1, the accounts receivable ledger of Sunland Company showed the following balances: Morrow $1,500, Rose $1,190, Jennings Co. $2,900, and Dent $2,000. The April transactions involving the receipt of cash were as follows.
Apr. 1 The owner, T. Sunland, invested additional cash in the business $7,300.
4 Received check for payment of account from Dent less 2% cash discount.
5 Received check for $905 in payment of invoice no. 307 from Jennings Co.
8 Made cash sales of merchandise totaling $7,270. The cost of the merchandise sold was $4,362.00.
10 Received check for $580 in payment of invoice no. 309 from Morrow.
11 Received cash refund from a supplier for damaged merchandise $720.
23 Received check for $1,040 in payment of invoice no. 310 from Jennings Co.
29 Received check for payment of account from Rose (no cash discount allowed).
Problem 1: Journalize the transactions above in a six-column cash receipts journal and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. 5,275.)
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