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6 Feb
2020

Entertainment AssignmentTutorOnline | Good Grade Guarantee!

Entertainment Inc. is a retail store that rents movies and sells music CDs over the Internet. The firm s cash receipts for February are listed below. The general ledger accounts used to record these transactions appear on shown below INSTRUCTIONS 1. Open the general ledger accounts and enter the balances as of February 1, 2016. 2. Record the transactions in a cash receipts journal. Use 4 as the page number. 3. Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts. 4. Total, prove, and rule the cash receipts journal as of February 29, 2016. 5. Post the column totals from the cash receipts journal to the proper general ledger accounts. GENERAL LEDGER ACCOUNTS 101 Cash…………………. $ 5,060 Dr. ……………………… 401 Sales 109 Notes Receivable……. 900 Dr. ……………………………491 Interest Income 111 Accounts Receivable… 4,125 Dr………………………… 620 Cash Short or Over 129 Supplies……………… 710 Dr. 231 Sales Tax Payable……. 345 Cr. 301 Jason Wilson, Capital… 35,000 Cr. DATE TRANSACTIONS Feb. 3 Received $600 from Danielle Pelzel, a credit customer, on account. 5 Received a cash refund of $130 for damaged supplies. 7 Had cash sales of $5,800 plus sales tax of $464 during the first week of February; there was a cash shortage of $70. 9 Jason Wilson, the owner, invested an additional $16,000 cash in the busines
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