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Question
Sunrise Coffee Shop, in an effort to streamline its accounting system, has decided to utilize a cash receipts journal. Journalize the following selected summary transactions for March, total the columns, and include the posting references that would be inserted when posting the entries/totals to the ledger accounts. A partial chart of accounts follows. After recording the transactions, indicate if there are any additional columns you would add to this journal
| Cash Receipts Journal | ||||||
| Date | Account | Post. | Other Accounts | Beverage Revenue Cr. | Food Revenue Cr. | Cash Cr. |
Mar. 1 Received cash for beverage sales, $375.
1 Received cash for food sales, $250.
1 Received cash for customer sales of Sunrise’s signature coffee mugs, $130.
7 Received cash for beverage sales, $480.
7 Received cash for food sales, $325.
7 Received cash for customer sales of Sunrise’s signature coffee mugs, $115.
10 Received cash on account from Central.com, $900.
| Chart of Accounts (Partial) | |
| 10 Cash | 41 Beverage Revenue |
| 12 Accounts Receivable | 42 Food Revenue |
| 15 Retail Items | 43 Retail Revenue |
Answer
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