The statement shows a cash balance of 1760 use the

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Unformatted text preview: t from its bank. The statement shows a cash balance of $1,760. Use the following information to reconcile the two balances: Checks outstanding Deposits outstanding NSF check Service Charge Interest earned on savings account 1,000 2,000 50 10 20 Flashback Quiz -- CH 4 • Interpret the following journal entry. Date Ref # 1/28 1 Accounts Espresso pods Organic, raw sugar recycled cups biodegradable lids Petty cash Debit Credit 50 60 90 10 210 Today’s Topics (Ch 5) SALES ACCOUNTS RECEIVABLE NOTES RECEIVABLE -What are sales? -How do we calculate “net” sales? --3 types of adjustments -Accounting for uncollectible accounts --2 methods -Estimating uncollectible accounts --2 methods -Writing off uncollectible accounts -Collecting a previously written off account -Analyzing accounts receivable -Accounting for notes receivable What are Sales? • Sales means the EXACT same thing as revenues - SALES = REVENUES - REVENUES = SALES • From Chapter 1... - Revenues are the amounts earned from selling products or services (for cash or on account) to customers. Recording Revenue / Sales • Sales: the journal entries we have covered so far Cash Sales or Revenue 1,000 1,000 --OR-Accounts receivable Sales or Revenue 1,000 1,000 --OR-Unearned revenue Sales or Revenue 1,000 1,000 A Hot Topic Project Updates Revenue Recognition—Joint Project of the FASB and IASB Last updated on Decemb...
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