ACCOUNT- The April transactions involving the receipt of
by ella | Aug 20, 2025 | Business
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Problem 7-1A
Kozma
Company’s chart of accounts includes the following selected accounts.
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101
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Cash
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401
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Sales Revenue
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112
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Accounts Receivable
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414
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Sales Discounts
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120
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Inventory
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505
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Cost of Goods Sold
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301
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Owner’s Capital
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On April 1 the accounts receivable ledger of Kozma Company showed the
following balances: Morrow $1,564, Rose $1,208, Jennings Co. $2,902, and
Dent $2,400. The April transactions involving the receipt of cash were as
follows.
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Apr. 1
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The owner, T. Kozma, invested additional cash in the
business $7,193.
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4
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Received check for payment of account from Dent less 2%
cash discount.
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5
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Received check for $952 in payment of invoice no. 307
from Jennings Co.
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8
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Made cash sales of merchandise totaling $7,215. The cost
of the merchandise sold was $4,329.
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10
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Received check for $618 in payment of invoice no. 309
from Morrow.
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11
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Received cash refund from a supplier for damaged
merchandise $697.
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23
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Received check for $1,046 in payment of invoice no.
310 from Jennings Co.
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29
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Received check for payment of account from Rose.
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Journalize
the transactions above in a six-column cash receipts journal and
cross-foot the journal.(Record entries in the
order displayed in the problem statement.)
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Cash Receipts Journal
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CR1
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Date
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Account Credited
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Ref.
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Cash Dr.
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Sales Discounts Dr.
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Accounts Receivable Cr.
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Sales Revenue Cr.
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Other Accounts Cr.
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Cost of Goods Sold Dr.
Inventory Cr.
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301
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√
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√
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√
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120
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√
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√
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(101)
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(414)
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(112)
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(401)
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(X)
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(505)(120)
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