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Problem 7-3A receipts journal (perpetual The cash receipts journal shown below contains five entries. All five entries are for legiti mentory mate cash receipt transactions, but the journal contains some errors in recording the transactions. In fact, only one entry is correct, and each of the other four entries contains Corrected cash receipts one error. Total debit to Cash, $83,000 423 Chapter 7 Accounting Information Systems Page 22 Cash Receipts Journal Other Accounts Debits Sold Dr Post Amount Inventory Sales Accounts Sales Account Date Cash Discounts Receivable Revenue Jan. 4 6,220 13 53,900 Debbie Hughes | Note Receivable Interest Revenue 45 76,00 13 57,400 2,100 4,620 63,620 30 15,400 31 78,800 10,780 10,780 ,130 ((51/13) 5,820 Totals 4,420 (42) (12) (41) Total Cr $83,220 Total Dr-$83,220 Reguired 1. Identify the correct entry in the cash receipts journal above. 2. Identify the error in each of the other four entries. 3. Using the following format, prepare a corected cash receipts journal. All column tobals are correct in the cash receipts journal that follows. Cash Recelpts Journal Page 22 Debits Credits Other Accounts Cost of Goods Sold Dr Sales Accounts Sales Date Cash Discounts Receivable Revenue Account Tie Post. Ref. Amount Inventory Cr an. 4 Debbie Hughes Note Receivable13 Interest Revenue 45 13 20 30 31 83,000 220 17,000 (12) 8,820 Totals 57,400 4,130 (41) (51/13) Total Dr-$83,220 Total Cr- $83 220

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