20x1 Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $3,800, with a 25 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5950 with terms of n/15. 15 Recorded cash sales for the period from February 1 to February 15 of $8,300 plus sales tax of $664. 15 Recorded sales for the period from February 1 to February 15 to customer: using bank credit cards of $11,800 plus sales tax of $944. (Record the 2 percent credit card expense at this time) 16 Received a check from Lovely Kitchens in payment of Invoice 5950 dated February 1. 16 Sold merchandise to customers using American Express for $7,800 plus sales tax of $624. 17 Sold a set of Roman statues to Beautiful Bedrooms, a wholesale customer. The list price is $7,800, with a 30 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5951 with terms of n/15. 20 Received payment from American Express for the amount billed on February 16, less a 3 percent credit card expense. 27 Received a check from Beautiful Bedrooms in payment of Invoice 5951 dated February 17. 28 Recorded cash sales for the period from February 16 to February 28 of $7,150 plus sales tax of $572. 28 Recorded sales for the period from February 16 to February 28 to customers using bank credit cards of $10,000 plus sales tax of $800. (Record the 2 percent credit card expense at this time.) 28 Sold merchandise to customers using American Express for $9,000 plus sales tax of $720. Required: 2. Record the transactions in a general journal. 3. Post the entries from the general journal to the appropriate accounts in the general ledger. GENERAL LEDGER ACCOUNTS Cash, $22,030 Dr. Accounts Receivable Sales Credit Card Expense 101 401 121 521 222 Sales Tax Payable Analyze: What was the total credit card expense incurred in February?
20x1 Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $3,800, with a 25 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5950 with terms of n/15. 15 Recorded cash sales for the period from February 1 to February 15 of $8,300 plus sales tax of $664. 15 Recorded sales for the period from February 1 to February 15 to customer: using bank credit cards of $11,800 plus sales tax of $944. (Record the 2 percent credit card expense at this time) 16 Received a check from Lovely Kitchens in payment of Invoice 5950 dated February 1. 16 Sold merchandise to customers using American Express for $7,800 plus sales tax of $624. 17 Sold a set of Roman statues to Beautiful Bedrooms, a wholesale customer. The list price is $7,800, with a 30 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5951 with terms of n/15. 20 Received payment from American Express for the amount billed on February 16, less a 3 percent credit card expense. 27 Received a check from Beautiful Bedrooms in payment of Invoice 5951 dated February 17. 28 Recorded cash sales for the period from February 16 to February 28 of $7,150 plus sales tax of $572. 28 Recorded sales for the period from February 16 to February 28 to customers using bank credit cards of $10,000 plus sales tax of $800. (Record the 2 percent credit card expense at this time.) 28 Sold merchandise to customers using American Express for $9,000 plus sales tax of $720. Required: 2. Record the transactions in a general journal. 3. Post the entries from the general journal to the appropriate accounts in the general ledger. GENERAL LEDGER ACCOUNTS Cash, $22,030 Dr. Accounts Receivable Sales Credit Card Expense 101 401 121 521 222 Sales Tax Payable Analyze: What was the total credit card expense incurred in February?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:20X1
Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $3,800, with a 25 percent trade
discount. This sale is not subject to sales tax. Issued Invoice 5950 with terms of n/15.
15 Recorded cash sales for the period from February 1 to February 15 of $8,300 plus sales tax of $664.
15 Recorded sales for the period from February 1 to February 15 to customer: using bank credit cards of $11,800 plus
sales tax of $944. (Record the 2 percent credit card expense at this time)
16 Received a check from Lovely Kitchens in payment of Invoice 5950 dated February 1.
16 Sold merchandise to customers using American Express for $7,800 plus salEs tax of $624.
17 Sold a set of Roman statues to Beautiful Bedrooms, a wholesale customer. The list price is $7,800, with a 30
percent trade discount. This sale is not subject to sales tax. Issued Invoice 5951 with terms of n/15.
20 Received payment from American Express for the amount billed on February 16, less a 3 percent credit card
expense.
27 Received a check from Beautiful Bedrooms in payment of Invoice 5951 dated February 17.
28 Recorded cash sales for the period from February 16 to February 28 of $7,150 plus sales tax of $572.
28 Recorded sales for the period from February 16 to February 28 to customers using bank credit cards of $10,000
plus sales tax of $800. (Record the 2 percent credit card expense at this time.)
28 Sold merchandise to customers using American Express for $9,000 plus sales tax of $720.
Required:
2. Record the transactions in a general journal.
3. Post the entries from the general journal to the appropriate accounts in the general ledger.
GENERAL LEDGER ACCOUNTS
101
Cash, $22,030 Dr.
401
Sales
121
Accounts Receivable
521
Credit Card Expense
222 Sales Tax Payable
Analyze:
What was the total credit card expense incurred in February?
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