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The terms of sales on account offered by Cubberly's Farm Supplies...

The terms of sales on account offered by Cubberly's Farm Supplies are 2/10, n/30. During the first week of June, the following transactions involved receiving cash: June 1 Received $450.80 from Dylan Seikel in payment of a May 26 invoice of $460, less discount. 3 Received a loan of $8,000 from First National Bank. 4 Received $245.00 from Alicia Geddes in payment of a May 14 invoice. 5 Received $500.78 from Bingham Corp. in payment of a May 28 invoice of $511, less discount. 7 Cash sales for the week totaled $15,600. Cubberly's Farm Supplies has asked you to create a computerized cash receipts journal (file name CRJ). The journal should include one column each for the Date, Account Name, Other Accounts Cr., Sales Cr., Accounts Receivable Cr., Sales Discount Dr., and Cash Dr. The appropriate columns should be totaled. Use the data for the first week in June as input for the worksheet. Review the Model-Building Problem Checklist on page 154 to ensure that your worksheet is complete. Print the worksheet when done. Check figure: Total debits, $24,816.00. To test your model, use the following information for the second week of June: June 8 Received $426.30 from Alicia Geddes in payment of a June 1 invoice of $435, less discount. 9 Received $896.70 from King World in payment of a May 28 invoice of $915, less discount. 12 Received $712.75 from McDonald Farms in payment of a June 1 invoice. 13 Received $350 for old store equipment that had no book value. 14 Cash sales for the week totaled $14,222. Print the worksheet when done. Check figure: Total debits, $16,634.75.

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