Question

Recording transactions—cash receipts journal

Refer to information in Exercise EB-14.

Requirements

1. Prepare headings for a cash receipts journal. Journalize the transactions that should be recorded in the cash receipts journal.

2. Total each column of the cash receipts journal.

Short answer

Total of cash receipts: $3,420

Step-by-step solution

Cash Receipt Journal Headings

				Cash Receipt Journal
Date	Account Credited	Post. Ref.	Cash Dr	Accounts Receivables Cr	Sales Revenue Cr	Sales Discount Forfeited Cr	Other Accounts Cr	Cost of goods sold Dr Merchandise Inventory Cr

Journal Entries relating to Cash receipt journal

Date	Description	Debit	Credit
Feb 6	Cash	$ 950
	Sales revenue		$ 950
	Being sales made for cash
6	Cost of goods sold	750
	Merchandise Inventory		750
	Being cost of goods recorded for sales
12	Cash	170
	Interest revenue		170
	Being sales made on account
15	Cash	1,050
	Accounts receivables		1,050
	Being cost of goods recorded for sales
22	Cash	600
	Sales revenue		600
	Being Sales made for cash
22	Cost of goods sold	530
	Merchandise Inventory		530
	Being cost of goods recorded for sale
26	Cash	150
	Office Supplies		150
	Being office supplies sold for cash
28	Cash	500
	Accounts receivables		500
	Being amount received from receivables

Total of Cash receipt journal 

Cash Receipt Journal

Date	Account Credited	Post. Ref.	Cash Dr	Accounts Receivables Cr	Sales Revenue Cr	Sales Discount Forfeited Cr	Other Accounts Cr	Cost of goods sold Dr Merchandise Inventory Cr
Feb 6	Sales revenue		$950		$ 950			$ 750
12	Interest revenue		170				170
15	Cole Co.		1,050	1,050
22	Sales revenue		600		600			530
26	Office supplies		150				150
28	Dump Co.		500	500
Feb 28	Total		$3,420	$ 1,550	$ 1550		$ 320	$ 1,280