Bronze Corporation Had the Following Transactions Use the Following Cash Receipts Journal to Record the Preceding

question 47

Essay

Bronze Corporation had the following transactions:
$\begin{array}{|l|l|}\hline \text { Jun. } 6 & \text { Sold merchandise inventory for cash, } \$ 2,200 . \text { Cost of goods, } \$ 1,400 \\\hline 9 & \text { Collected interest revenue of } \$ 2,350 . \\\hline 15 & \text { Received cash from Jim Rhodes, } \$ 1,100, \text { on account. There was no discount. } \\\hline27&\text { Received } \$ 5,400 \text { from Steve McNeil representing } \$ 5,292 \text { he owed plus } \$ 108 \text { sales discount }\\&\text { forfeited. }\\\hline\end{array}$ Use the following cash receipts journal to record the preceding transactions.The company uses the perpetual inventory system.
Cash Receipts Journal $~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~$ Page 3
$\begin{array}{|c|c|c|c|c|c|c|c|c|}\hline \textbf{ Date } & \begin{array}{l}\textbf{ Accounts } \\\textbf{ Credited }\end{array} & \begin{array}{l}\textbf{ Post } \\\textbf{ Ref. }\end{array} & \begin{array}{l}\textbf{ Cash } \\\textbf{ DR }\end{array} & \begin{array}{c}\textbf{ Accounts } \\\textbf{ Receivable } \\\textbf{ CR }\end{array} & \begin{array}{c}\textbf{ Sales } \\\textbf{ Revenue } \\\textbf{ CR }\end{array} & \begin{array}{c}\textbf{ Sales } \\\textbf{ Discounts } \\\textbf{ Forfeited } \\\textbf{ CR } \\\end{array} & \begin{array}{c}\textbf{ Other } \\\textbf{ Accounts } \\\textbf{ CR }\end{array} & \begin{array}{c}\textbf{ Cost of Goods } \\\textbf{ Sold DR } \\\textbf{ Merchandise } \\\textbf{ Inventory CR } \\\end{array} \\\hline & & & & & & & & \\\hline & & & & & & & & \\\hline & & & & & & & & \\\hline & & & & & & & & \\\hline\end{array}$

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Definitions:

Fair Labor Standards Act

U.S. legislation that establishes minimum wage, overtime pay eligibility, and child labor standards.

Department of Labor

A federal agency responsible for ensuring safe working conditions, fair pay, and employment opportunities, as well as enforcing labor laws.

Family and Medical Leave Act

A U.S. law that allows eligible employees to take unpaid, job-protected leave for specified family and medical reasons, with continuation of group health insurance coverage.

Serious Health Condition

A medical condition requiring inpatient care or continuing treatment by a healthcare provider, significantly impairing one's ability to conduct daily activities.