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 1PA: Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

29
Kevin Nolon
(122)
(401)
(231)
CASH RECEIPTS JOURNAL
Page
8
Accounts
Sales Tax
Account
General Receivable
Sales
Раyable
Date
Credited
Post. Ref. Credit
Credit
Credit
Credit
Cash Debit
May 22 James Koffsky
31 Зоусе Mскау
31 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: 3
POST.
DATE
DESCRIPTION
DEBIT
CREDIT
REF.
1 May 12
401.1
2.
231
2.
122/V
4 May 26
401.1
4
231
122/V
2 (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 your
answer is zero, enter "o".
GENERAL LEDGER
ACCOUNT NO.
101
ACCOUNT
Cash
Previous
Next>

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 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 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 JOURNAL
Page 6
Accounts
Sales Tax
Payable
Credit
Receivable
Date Sale No. To Whom Sold Post. Ref.
Debit
Sales Credit
May 2
James Koffsky.
6.
Kevin Nolon
18
Joyce McKay
19
Tim Carney
28
James Koffsky
29
Kevin Nolon
(122)
(401)
(231)

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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,…
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