The following schedule shows cash and credit sales 40 of

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A) The following schedule shows cash and credit sales. 40% of credit sales are collected in the current month after a 2% discount, and 55% in the first month following the sale. Determine the amount of cash received in January, February and March.

B) Record the following journal entries:

Nov 18 Investors gave the company cash and received $25,000 of common stock.

Nov 20 A payment of $2,000 was made on a note payable which included $200 of interest.

Nov 28 Received $3,500 in cash for the sale of tables which initially cost $2,400.

Nov 30 Depreciation expense on the vehicle for the month was $800.

Nov 30 Wage expenses for the first three days of the week were $6,000. Wages are paid on Friday.

Month

December

January

February

March

Cash Sales

5,000

3,000

4,000

6,000

Credit Sales

30,000

35,000

40,000

37,500

Reference no: EM13575812

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