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    annlyn2007's Avatar
    annlyn2007 Posts: 6, Reputation: 1
    New Member
    		  
    #1

    Nov 23, 2009, 07:08 PM
    Journal Entry 2
    I have been asked to post a journal entry and where I am new to this I need some help please.

    This what the piece of paper the accountants gave me states:

    Cash Receipts (cash & Credit) $8431.00
    Sales Tax $675.00
    Collection on AR $750.00
    Less Credit card Sales $-3678.00
    Deposits to Cash Account? $-5928.00 (why is this a negative)?

    The Cash on hand was $500.00 and the Cash on Hand after this is suppose to be $750.00 so my cash account only increased by $250.00. How should I create this JE to show what they gave me?

    PLEASE HELP SO I DON'T LOOK LIKE AN IDIOT!
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Nov 24, 2009, 11:02 PM

    This is the Journal Entry you require:-

    DEBIT CREDIT

    DEBIT CASH ACCOUNT 250.00
    CREDIT SALES ACCOUNT 8,431.00
    CREDIT SALES TAXES ACCOUNT 675.00
    CREDIT ACCOUNTS RECEIVABLE A/C 750.00
    DEBIT SALES ACCOUNT 3,678.00
    DEBIT OPERATING ACCOUNT 5,928.00

    9,856.00 9,856.00
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