Record the Following Transactions for the Month of April, 2019

question 73

Essay

Record the following transactions for the month of April, 2019 on page 4 of a cash receipts journal. Total, prove, and rule the cash receipts journal as of April 30.
April 3 Collected $350 from Margo Daub, a credit customer on account.
1 Kevin Sharp, the owner, invested an additional $5,000 cash in the business.
2 Received a cash refund of $30 for damaged supplies.
15 Had cash sales of $5,500 plus sales tax of $385. There was a cash overage of $5.
18 Received $800 from Brian Cobb, a credit customer, in payment of his account.
20 Received a check from Phil Stout to pay his $700 promissory note plus interest of $42.
30 Had cash sales of $3,800 plus sales tax of $266. There was a cash shortage of $5.

Understand subsequent measurement options for E&E assets.

Understand the scope and limitations of AASB 6.

Learn the disclosure requirements for E&E activities and assets.

Understand the key concepts and legal requirements concerning the winding up of companies, including the timeframes and the entities involved.

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Definitions:

Units Transferred

The quantity of items moved from one stage of production or location to another within a given period.

Step-Down Method

A cost allocation method used in accounting and finance to distribute indirect costs to different departments or products.

Service Department Costs

Expenses incurred by the units that support the production or operations of a company, such as human resources or maintenance.

Personnel Costs

Expenses related to employee compensation, including salaries, benefits, and taxes.