Prepare the Summary Entries Necessary to Determine the Amount of Cash

question 77

Essay

Prepare the summary entries necessary to determine the amount of cash received from customers for each of the four independent situations below.
$$\begin{array} { c c c c c c } \text { Situation } & \begin{array} { c } \text { Sales } \\\text { revenue }\end{array} & \begin{array} { c } \text { Accounts } \\\text { receivable } \\\text { inc (dec) }\end{array} & \begin{array} { c } \text { Bad debt } \\\text { expense } \\\text { inc (dec) }\end{array} & \begin{array} { c } \text { Allowance for } \\\text { uncollectible } \\\text { Accounts inc }\end{array} & \begin{array} { c } \text { Cash received } \\\text { from customers }\end{array} \\\hline 1 & 200,000 & 10,000 & 0 & 0 & \\2 & 200,000 & ( 10,000 ) & 0 & 0 & \\3 & 200,000 & ( 10,000 ) & 2,000 & 1,000 & \\4 & 200,000 & 10,000 & 2,000 & ( 1,000 ) &\end{array}$$

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Definitions:

Elder Abuse Victims

Individuals, typically older adults, who experience harm or neglect, often perpetrated by someone known to them, such as a family member or caregiver.

Financial Exploitation

The illegal or improper use of another individual's funds, properties, or resources.

Baby Boomers

People born between 1946 and 1964.

Sandwich Generation

Taking care of one’s own children and aging parents.