Record the following transactions for the month of November 2019 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of November 30. Nov. 1 Collected $2,300 from Katie Bing, a credit customer on account.
10 Received a check from Mike Drake to pay his $3,700 promissory note plus interest of $240.
13 Received $4,100 from Jessie Cole, a credit customer, in payment of her account.
15 Had cash sales of $26,500 plus sales tax of $2,300. There was a cash overage of $14.

Answer and Explanation:

The presentation of the cash receipt journal is as follows;

Date   Description    Account     Sale      Sale     Title      Amount   Cash

                                  Receivable tax       Credit    of                        debit

                                  Credit        Payable           Account

                                                    Credit

Nov 1    Katie Bing       $2,300                                                               $2,300

Nov 10  Collection

 From mike drake                                             Note receivable  $3,700

                                                                          Interest income   $240  $3,940

Nov 13 Jessie cole      $4,100                                                                   $4,100

Nov 15  Cash sales                    $2,300   $26,500 Cash overage $14  $28,814

Nov 30 Totals               $6,400  $2,300   $26,500        $3,954        $39,154

d. the economy will face inflation.

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