From the five summary journal entries for sales revenue and expenses for the year, can you determine the cash flow from profit (that is, the net cash increase or decrease from its profit-making activities for the year)?
The sales revenue entry given below. Assume that accounts receivable increased $500,000 instead of the $1,000,000 increase in that entry. Prepare the summary journal entry for sales revenue.
|
Cash |
$25,000,000.00 |
|
Accounts Receivable |
$1,000,000 |
|
Sales Revenue |
$26,000,000.00 |