Car Geek is a retail store that sells car care products over the Internet. The firm's cash receipts for February and the general ledger accounts used to record these transactions are shown below. GENERAL LEDGER ACCOUNTS 101 Cash 109 Notes receivable 111 Accounts receivable 129 Supplies 231 Sales tax payable 301 Ken Sato, Capital Interest income $ 4,860 Dr 700 Dr 4,025 Dr. 510 Dr. 401 491 Sales 620 Cash short or over 245 Cr 33,000 cr. DATE TRANSACTIONS Feb. 3 Received $400 from Kelly Stott, a credit customer, on account. 5 Received a cash refund of $110 for damaged supplies. 7 Had cash sales of $3,800 plus sales tax of $304 during the first week of February; there was a cash shortage of $50. 9 Ken Sato, the owner, invested an additional $14,000 cash in the business. 12 Received $280 from Jamie Garrison, a credit customer, in payment of her account. 14 Had cash sales of $3,550 plus sales tax of $284 during the second week of February; there was an overage of $18. 16 Received $350 from Michael Hunt, a credit customer, to apply toward his account. 19 Received a check from Kay Pitts to pay her $700 promissory note plus interest of $28. 21 Had cash sales of $4,050 plus sales tax of $324 during the third week of February. 25 Al Harris, a credit customer, sent a check for $480 to pay the balance he owes. 28 Required: Had cash sales of $3,100 plus sales tax of $248 during the fourth week of February; there was a cash shortage of $26. 1. Open the general ledger accounts and enter the balances as of February 1, 20X1. 2. Record the transactions in a cash receipts journal. 3. Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts. Prev 5 of 7 Next >
Car Geek is a retail store that sells car care products over the Internet. The firm's cash receipts for February and the general ledger accounts used to record these transactions are shown below. GENERAL LEDGER ACCOUNTS 101 Cash 109 Notes receivable 111 Accounts receivable 129 Supplies 231 Sales tax payable 301 Ken Sato, Capital Interest income $ 4,860 Dr 700 Dr 4,025 Dr. 510 Dr. 401 491 Sales 620 Cash short or over 245 Cr 33,000 cr. DATE TRANSACTIONS Feb. 3 Received $400 from Kelly Stott, a credit customer, on account. 5 Received a cash refund of $110 for damaged supplies. 7 Had cash sales of $3,800 plus sales tax of $304 during the first week of February; there was a cash shortage of $50. 9 Ken Sato, the owner, invested an additional $14,000 cash in the business. 12 Received $280 from Jamie Garrison, a credit customer, in payment of her account. 14 Had cash sales of $3,550 plus sales tax of $284 during the second week of February; there was an overage of $18. 16 Received $350 from Michael Hunt, a credit customer, to apply toward his account. 19 Received a check from Kay Pitts to pay her $700 promissory note plus interest of $28. 21 Had cash sales of $4,050 plus sales tax of $324 during the third week of February. 25 Al Harris, a credit customer, sent a check for $480 to pay the balance he owes. 28 Required: Had cash sales of $3,100 plus sales tax of $248 during the fourth week of February; there was a cash shortage of $26. 1. Open the general ledger accounts and enter the balances as of February 1, 20X1. 2. Record the transactions in a cash receipts journal. 3. Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts. Prev 5 of 7 Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Car Geek is a retail store that sells car care products over the Internet. The firm's cash receipts for February and the general ledger
accounts used to record these transactions are shown below.
GENERAL LEDGER ACCOUNTS
101 Cash
109 Notes receivable
111 Accounts receivable
129 Supplies
231 Sales tax payable
301 Ken Sato, Capital
Interest income
$ 4,860 Dr
700 Dr
4,025 Dr.
510 Dr.
401
491
Sales
620 Cash short or over
245 Cr
33,000 cr.
DATE
TRANSACTIONS
Feb. 3 Received $400 from Kelly Stott, a credit customer, on account.
5 Received a cash refund of $110 for damaged supplies.
7
Had cash sales of $3,800 plus sales tax of $304 during the first week of February; there was a cash shortage of
$50.
9 Ken Sato, the owner, invested an additional $14,000 cash in the business.
12 Received $280 from Jamie Garrison, a credit customer, in payment of her account.
14 Had cash sales of $3,550 plus sales tax of $284 during the second week of February; there was an overage of $18.
16 Received $350 from Michael Hunt, a credit customer, to apply toward his account.
19 Received a check from Kay Pitts to pay her $700 promissory note plus interest of $28.
21 Had cash sales of $4,050 plus sales tax of $324 during the third week of February.
25 Al Harris, a credit customer, sent a check for $480 to pay the balance he owes.
28
Required:
Had cash sales of $3,100 plus sales tax of $248 during the fourth week of February; there was a cash shortage of
$26.
1. Open the general ledger accounts and enter the balances as of February 1, 20X1.
2. Record the transactions in a cash receipts journal.
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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