Asked by Jordan Novak on Apr 27, 2024
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Sunrise Coffee Shop, in an effort to streamline its accounting system, has decided to utilize a cash receipts journal. Record the following transactions for the first two weeks in March, total the columns, and include the posting references. A partial chart of accounts is given below. After recording the transactions, indicate if there are any additional columns you would add to this journal.? Cash Receipts Journal Date Account Credited Post. Ref. Other Accounts Cr. Beverage Revenue Cr. Food Revenue Cr. Cash Cr. \textbf { Cash Receipts Journal }\\\begin{array}{|c|c|c|c|c|c|c|}\hline \text { Date } & \begin{array}{c}\text { Account } \\\text { Credited }\end{array} & \begin{array}{c}\text { Post. } \\\text { Ref. }\end{array} & \begin{array}{c}\text { Other } \\\text { Accounts } \\\text { Cr. }\end{array} & \begin{array}{c}\text { Beverage } \\\text { Revenue } \\\text { Cr. }\end{array} & \begin{array}{c}\text { Food } \\\text { Revenue } \\\text { Cr. }\end{array} & \begin{array}{c}\text { Cash } \\\text { Cr. }\end{array} \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline & & & & & & \\\hline\end{array} Cash Receipts Journal Date Account Credited Post. Ref. Other Accounts Cr. Beverage Revenue Cr. Food Revenue Cr. Cash Cr. Mar.
1Cash received for beverages, $375.
1Cash received for food, $250.
1Cash received for customer sales of Sunrise's signature coffee mugs, $130.
7Cash received for beverages, $480.
7Cash received for food, $325.
7Cash received for customer sales of Sunrise's signature coffee mugs, $115.
10Cash received on account from Central.com, $900. ~~~~~~~~~~~~~~~~~~~~~~~~ Chart of Accounts (Partial)
10 Cash 41 Beverage Revenue 12 Accounts Receivable 42 Food Revenue 15 Retail Items 43 Retail Revenue \begin{array}{ll}\hline10 \text { Cash } & 41 \text { Beverage Revenue } \\12 \text { Accounts Receivable } & 42 \text { Food Revenue } \\15 \text { Retail Items } & 43 \text { Retail Revenue }\end{array}10 Cash 12 Accounts Receivable 15 Retail Items 41 Beverage Revenue 42 Food Revenue 43 Retail Revenue
Cash Receipts Journal
An accounting ledger that tracks cash transactions coming into the business, documenting all cash sales and receivables.
Chart of Accounts
A structured list of all the financial accounts in the general ledger of a company, used for organizing transactions and financial data.
Signature Coffee Mugs
Customized or uniquely branded coffee mugs that often represent a company, brand, or personal statement.
- Determine the correct journals to log different kinds of transactions.
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Learning Objectives
- Determine the correct journals to log different kinds of transactions.
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