Sunrise Coffee Shop, in an effort to streamline its accounting system, has decid

Question

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.

Choose "yes" if a check mark is needed in the Post. Ref. Column or input account #, if applicable. If an amount box does not require an entry, leave it blank.

Are there any additional columns you would add to this journal?

March 1 Cash received for beverages, $375. 1 Cash received for food, $250. 1 Cash received for customer sales of Sunrise's signature coffee mugs, $130. 7 Cash received for beverages, $480. 7 Cash received for food, $325. 7 Cash received for customer sales of Sunrise's signature coffee mugs, $115. 10 Cash received on account from Central.com, $900.

Explanation / Answer

Cash Receipt journal is as prepared below:

Cash Receipt Journal Date Account Credited Post Ref. Cash Dr. Bev Revenue Cr. Food Revenue Cr. Other Cr. Mar-01 Bevarage Revenue 375 375 Mar-01 Food Revenue 250 250 Mar-01 Retail Revenue 130 130 Mar-07 Bevarage Revenue 480 480 Mar-07 Food Revenue 325 325 Mar-07 Retail Revenue 115 115 Mar-10 Account Receivable 900 900 Totals 2,575 855 575 1,145

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