29Kevin Nolon(122)(401)(231)CASH RECEIPTS JOURNALPage8AccountsSales TaxAccountGeneral ReceivableSalesРаyableDateCreditedPost. Ref. CreditCreditCreditCreditCash DebitMay 22 James Koffsky31 Зоусе Mскау31 Cash sales(122)(401)(231)(101)2 (i). Joumaltze the above transactions. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent.Page: 3POST.DATEDESCRIPTIONDEBITCREDITREF.1 May 12401.12.2312.122/V4 May 26401.14231122/V2 (ii). Post the entries from the journals to the subsidiary fedgers provided. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Enter transactions in chronological order. If youranswer is zero, enter "o".GENERAL LEDGERACCOUNT NO.101ACCOUNTCashPreviousNext> Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%.May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax,9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax.12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit.18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax.19 Sold merchandise on account to Tim Carney, $165.00, plus sales tax.22 Recelved payment from James Koffsky on account.26 Joyce McKay was given an allowance of $30.00 when she reported damage In themerchandise purchased May 18.28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax.29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax.31 Recelved payment from Joyce McKay on account.31 Cash sales for the month were $2,600, plus sales tax.1. Enter the above transactions in the appropriate journal. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent.SALES JOURNALPage 6AccountsSales TaxPayableCreditReceivableDate Sale No. To Whom Sold Post. Ref.DebitSales CreditMay 2James Koffsky.6.Kevin Nolon18Joyce McKay19Tim Carney28James Koffsky29Kevin Nolon(122)(401)(231)

Transactions are posted to the appropriate (sales journal and cash receipt are shown below: Sales…

Answered: 29 Kevin Nolon (122) (401) (231 CASH…

29 Kevin Nolon (122) (401) (231 CASH RECEIPTS JOURNAL Accounts Sales T General Receivable Sales Payab Account Credit Credit Credi Credited Post. Ref. Credit Date May 22 James Koffsky 31 Joyce McKay

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 1PB

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Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, i other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%. May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax. 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit. 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax 19 Sold merchandise on account to Tim Carney. $165.00, plus sales tax. 22 Received payment from James Koffsky on account. 26 Joyce McK ay was given an allowance of $30.00 when she reported damage in the merchandise purchased May 18 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax. 31 Received payment from Joyce McKay on account. 31 Cash sales for the month were $2,600,…
Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, i other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%. May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax. 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit. 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax 19 Sold merchandise on account to Tim Carney. $165.00, plus sales tax. 22 Received payment from James Koffsky on account. 26 Joyce McK ay was given an allowance of $30.00 when she reported damage in the merchandise purchased May 18 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax. 31 Received payment from Joyce McKay on account. 31 Cash sales for the month were $2,600,…
Bernice Ruel operates Leather Unlimited, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of March, the following transactions occurred. The applicable sales tax rate is 6%. Mar. 2 Sold merchandise on account to Emma Sommers, $250.00, plus sales tax. 9 Sold merchandise on account to Shelly Feinstein, $470.00, plus sales tax. 12 Emma Sommers returned $40.00 worth of merchandise purchased on March 2 for credit. 18 Sold merchandise on account to Maureen Hodge, $110.00, plus sales tax. 19 Sold merchandise on account to Frank MacDonald, $165.00, plus sales tax. 22 Received payment from Emma Sommers on account. 26 Maureen Hodge was given an allowance of $30.00 when she reported damage in the merchandise purchased on March 18. 28 Sold merchandise on account to Emma Sommers, $500.00, plus sales tax. 29 Sold merchandise on account to Shelly Feinstein, $230.00, plus sales tax. 31 Received payment from Maureen Hodge on…
During the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept.   2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax. 7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax. 12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39. 22 Sold merchandise on account to Matt Feustal, $500, plus sales tax. 28 Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank.
During the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept.   2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax. 7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax. 12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39. 22 Sold merchandise on account to Matt Feustal, $500, plus sales tax. 28 Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank. Page: 1
During the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept.   2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax. 7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax. 12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39. 22 Sold merchandise on account to Matt Feustal, $500, plus sales tax. 28 Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Sept. 2 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 fill in the blank 8 fill in the blank 9 3 4 Sept. 7 fill in the blank 11 fill in the blank 12 4 5 fill in the blank 14 fill in the blank 15 5 6 fill in the blank 17 fill in the…
Erin is registered for sales tax. During May, she sold goods with a list price of $600, excluding sales tax, to Kyle on credit. As Kyle was buying a large quantity of goods, Erin applied a trade discount of 5% of the normal list price. If sales tax is charged at 15%, what will be the gross value of the sales invoice prepared by Erin? %24
Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co records the sales tax in the Sales Revenue account. The amount recorded in the Sales Revenue account during May was $251,450 What is the amount of sales taxes (round to nearest dollar) for May? What is the amount of sales taxes payable (round to nearest dollar) to the state for the month of May?
Bradley's Appliance Store had the following transactions during the month of May 20X1. May 5 6 8 15 20 25 Sold a refrigerator to Mary Wilson that had a retail price of $560. Sales tax of $28.00 was also charged. Sold a freezer to Sam Lee. Issued sales slip for $810 plus sales tax of $40.50. Gave Mary Wilson an allowance for scratches on her refrigerator sold on May 5. Issued credit memorandum for $157.50, Which includes $7.50 of sales tax. Sold a television to Jill Hanna. Issued sales slip for $300 plus sales tax of $15.00. Sold two ovens to Steve Ferguson. Issued sales slip for $130 plus sales tax of $6.50. Accepted a return of a defective oven from Steve Ferguson. The oven was originally sold on May 20. Issued credit memorandum for $68.25, which included sales tax of $3.25 Prepare journal entries to record the above transactions. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 Note: Enter debits before credits. the following... 5 6 4…
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co.…
As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales tax. If sales for the month are 48,680, find the combined amount of sales and tax.
Last month the sweet tooth candy shop had total sales including sales tax of 61,889. The stores are located in a state that has a sales tax of 6 1/2%. Round your answer to the nearest cent. A- as the accountant for the sweet tooth calculate the amount of sales revenue in dollars for the Shoppes last month? B-as the accountant for the sweet tooth, calculate the amount of sales tax in dollars that must be sent to the state department of revenue?