14 . Partial balance sheets and additional information are listed below for Funk

Question

14 . Partial balance sheets and additional information are listed below for Funk Company.

  
Additional information for 2018:

Net income was $170,000.
Depreciation expense was $30,000.
Sales totaled $800,000.
Cost of goods sold totaled $325,000.

Required:
Prepare the summary entry for the amount of cash received from customers during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

19. Prepare the summary entries necessary to determine the amount of cash received from customers for each of the four independent situations below.

Prepare the Summary entries

1. record the entry for situation 1

2. record the entry for situation 2

3. record the entry for situation 3

4. record the entry for situation 4

Funk Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 40,000 $ 20,000 Accounts receivable 94,000 90,000 Inventory 25,000 40,000 Liabilities Accounts payable $ 58,000 $ 72,000

Explanation / Answer

Q.14

No Journal entry required

Q.19

Situation 1

Cash Dr. 190000 Accounts Receivable Dr. 10000 To Sales 200000

Situation 2

Cash Dr. 190000 To Sales 190000

Situation 3

Cash Dr. 85000 To Sales 85000

Situation 4

Cash Dr. 85000 Accounts Receivable Dr. 15000 To Sales 100000

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