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Category > Accounting Posted 24 Aug 2017 My Price 5.00

Darby Corporation

Exercise 3-8 Debits and Credits

 

The new bookkeeper for Darby Corporation is getting ready to mail the daily cash receipts to the bank for deposit. Because his previous job was at a bank, he is aware that the bank ‘‘credits’’ an account for all deposits and ‘‘debits’’ an account for all checks written. Therefore, he makes the following entry before sending the daily receipts to the bank:

 

June  5            Accounts Receivable                                                                                     10,000

 

Sales Revenue                                                                                                2,450

 

Cash                                                                                                                                     12,450

 

To record cash received on June 5: $10,000 collections on account and $2,450 in cash sales.

 

Required

 

Explain why that entry is wrong and prepare the correct journal entry. Why does the bank refer to cash received from a customer as a credit to that customer’s account?

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 11:08 PM My Price 5.00

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