BACHELOR OF BUSINESS ADMINISTRATION

Previous
Next

BUSINESS ADMINISTRATION

BUSINESS MATHEMATICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Michael Valerski had these cash receipts for the week of September 12:paycheck, $562.14; mail in rebate, $75; birthday gift, $100; refund from returned merchandise, $42.67. Complete a cash receipts record to find Michael’s total receipts for the week.
A
$779.81
B
$679.81
C
$704.81
D
$737.14
Explanation: 

Detailed explanation-1: -A cash receipts journal is a record of financial transactions that includes bank deposits and withdrawals as well as all cash payments and receipts. The general ledger account is then updated with the cash receipts journal entries. A cash receipts journal is also known as a specialised accounting journal.

Detailed explanation-2: -Cash Received from Customers = Sales + Decrease (or-Increase) in Accounts Receivable. Cash Paid for Operating Expenses (Includes Research and Development) = Operating Expenses + Increase (or-decrease) in prepaid expenses + decrease (or-increase) in accrued liabilities.

Detailed explanation-3: -A cash Receipt voucher is a legally enforceable document. It helps in keeping records of cash received and cash paid. With the issuance of cash receipts and payment vouchers and deflection can be traced.

There is 1 question to complete.
Previous
Next