Journalizing cash receipts and posting to the general ledger.Entertainment Inc. is a retai...

Journalizing cash receipts and posting to the general ledger.

Entertainment Inc. is a retail store that rents movies and sells music CDs over the Internet. The firm’s cash receipts for February are listed below. The general ledger accounts used to record these transactions appear on the next page.

INSTRUCTIONS

1. Open the general ledger accounts and enter the balances as of February 1, 2016.

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2. Record the transactions in a cash receipts journal. Use 4 as the page number.

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3. Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts.

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4. Total, prove, and rule the cash receipts journal as of February 29, 2016.

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5. Post the column totals from the cash receipts journal to the proper general ledger accounts.

GENERAL LEDGER ACCOUNTS

Analyze: What total accounts receivable were collected in February?