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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
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