Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage purchased in Sale No. 103. The Harlands offered a sales allowance of $10 plus tax on the price of the cage which satisfied Warkentin. 12 Sold a cockatoo on account to Tully Shaw, $1,200 plus tax of $72, terms n/30. Sale No. 104. 14 Received cash on account from Rosa Alanso, $256. 15 Rosa Alanso returned merchandise, $93.28 including tax of $5.28. 15 Cash sales for the week were $2,656.85 plus tax of $159.41. 16 Received cash on account from Nancy Truelove, $58.25. 18 Received cash for boarding and grooming services, $535 plus tax of $32.10. 19 Received cash on account from Ed Cochran, $63.25. 20 Sold pet supplies on account to Susan Hays, $83.33 plus tax of $5, terms n/30. Sale No. 105. 21 Sold three Labrador Retriever puppies to All American Day Camp, $375 plus tax of $22.50, terms n/30. Sale No. 106. 22 Cash sales for the week were $3,122.45 plus tax of $187.35. 23 Received cash for boarding and grooming services, $515 plus tax of $30.90. 25 Received cash on account from Ken Shank, $132.50. 26 Received cash on account from Nancy Truelove, $72.35. 27 Received cash on account from Joe Gloy, $273.25. 28 Borrowed cash to purchase a pet limousine, $11,000. 29 Cash sales for the week were $2,835.45 plus tax of $170.13. 30 Received cash for boarding and grooming services, $488 plus tax of $29.28. Wayward had the following general ledger account balances as of September 1: Account General Ledger Account Title No. Balance on Sept. 1 Cash 101 $23,500.25 Accounts Receivable 122 850.75 Notes Payable 201 2,500.00 Sales Tax Payable 231 909.90 Sales 401 13,050.48 Sales Returns and Allowances 401.1 86.00 Boarding and Grooming Revenue 402 2,115.00 Wayward also had the following accounts receivable ledger balances as of September 1: Accounts Receivable Customer Balance Rosa Alanso $456.00 Ed Cochran 63.25 Joe Gloy 273.25 Nancy Truelove 58.25 New customers opening accounts during September were as follows: All American Day Camp Tully Shaw Susan Hays Jean Warkentin Ken Shank Required: 1. Enter the transactions for the month of September in a general journal. (Begin with page 7.) 2. Post the entries to the general and subsidiary ledgers. 3. Prepare a schedule of accounts receivable.

Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage purchased in Sale No. 103. The Harlands offered a sales allowance of $10 plus tax on the price of the cage which satisfied Warkentin. 12 Sold a cockatoo on account to Tully Shaw, $1,200 plus tax of $72, terms n/30. Sale No. 104. 14 Received cash on account from Rosa Alanso, $256. 15 Rosa Alanso returned merchandise, $93.28 including tax of $5.28. 15 Cash sales for the week were $2,656.85 plus tax of $159.41. 16 Received cash on account from Nancy Truelove, $58.25. 18 Received cash for boarding and grooming services, $535 plus tax of $32.10. 19 Received cash on account from Ed Cochran, $63.25. 20 Sold pet supplies on account to Susan Hays, $83.33 plus tax of $5, terms n/30. Sale No. 105. 21 Sold three Labrador Retriever puppies to All American Day Camp, $375 plus tax of $22.50, terms n/30. Sale No. 106. 22 Cash sales for the week were $3,122.45 plus tax of $187.35. 23 Received cash for boarding and grooming services, $515 plus tax of $30.90. 25 Received cash on account from Ken Shank, $132.50. 26 Received cash on account from Nancy Truelove, $72.35. 27 Received cash on account from Joe Gloy, $273.25. 28 Borrowed cash to purchase a pet limousine, $11,000. 29 Cash sales for the week were $2,835.45 plus tax of $170.13. 30 Received cash for boarding and grooming services, $488 plus tax of $29.28. Wayward had the following general ledger account balances as of September 1: Account General Ledger Account Title No. Balance on Sept. 1 Cash 101 $23,500.25 Accounts Receivable 122 850.75 Notes Payable 201 2,500.00 Sales Tax Payable 231 909.90 Sales 401 13,050.48 Sales Returns and Allowances 401.1 86.00 Boarding and Grooming Revenue 402 2,115.00 Wayward also had the following accounts receivable ledger balances as of September 1: Accounts Receivable Customer Balance Rosa Alanso $456.00 Ed Cochran 63.25 Joe Gloy 273.25 Nancy Truelove 58.25 New customers opening accounts during September were as follows: All American Day Camp Tully Shaw Susan Hays Jean Warkentin Ken Shank Required: 1. Enter the transactions for the month of September in a general journal. (Begin with page 7.) 2. Post the entries to the general and subsidiary ledgers. 3. Prepare a schedule of accounts receivable.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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September Transactions:
Sept.	2	Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101.
	3	Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102.
	5	Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103.
	8	Cash sales for the week were $2,332.45 plus tax of $139.95.
	10	Received cash for boarding and grooming services, $625 plus tax of $37.50.
	11	Jean Warkentin stopped by the store to point out a minor defect in the bird cage purchased in Sale No. 103. The Harlands offered a sales allowance of $10 plus tax on the price of the cage which satisfied Warkentin.
	12	Sold a cockatoo on account to Tully Shaw, $1,200 plus tax of $72, terms n/30. Sale No. 104.
	14	Received cash on account from Rosa Alanso, $256.
	15	Rosa Alanso returned merchandise, $93.28 including tax of $5.28.
	15	Cash sales for the week were $2,656.85 plus tax of $159.41.
	16	Received cash on account from Nancy Truelove, $58.25.
	18	Received cash for boarding and grooming services, $535 plus tax of $32.10.
	19	Received cash on account from Ed Cochran, $63.25.
	20	Sold pet supplies on account to Susan Hays, $83.33 plus tax of $5, terms n/30. Sale No. 105.
	21	Sold three Labrador Retriever puppies to All American Day Camp, $375 plus tax of $22.50, terms n/30. Sale No. 106.
	22	Cash sales for the week were $3,122.45 plus tax of $187.35.
	23	Received cash for boarding and grooming services, $515 plus tax of $30.90.
	25	Received cash on account from Ken Shank, $132.50.
	26	Received cash on account from Nancy Truelove, $72.35.
	27	Received cash on account from Joe Gloy, $273.25.
	28	Borrowed cash to purchase a pet limousine, $11,000.
	29	Cash sales for the week were $2,835.45 plus tax of $170.13.
	30	Received cash for boarding and grooming services, $488 plus tax of $29.28.

Wayward had the following general ledger account balances as of September 1:

	Account	General Ledger
Account Title	No.	Balance on Sept. 1
Cash	101	$23,500.25
Accounts Receivable	122	850.75
Notes Payable	201	2,500.00
Sales Tax Payable	231	909.90
Sales	401	13,050.48
Sales Returns and Allowances	401.1	86.00
Boarding and Grooming Revenue	402	2,115.00

Wayward also had the following accounts receivable ledger balances as of September 1:

	Accounts Receivable
Customer	Balance
Rosa Alanso	$456.00
Ed Cochran	63.25
Joe Gloy	273.25
Nancy Truelove	58.25

New customers opening accounts during September were as follows:

All American Day Camp	Tully Shaw
Susan Hays	Jean Warkentin
Ken Shank

Required:

1.	Enter the transactions for the month of September in a general journal. (Begin with page 7.)
2.	Post the entries to the general and subsidiary ledgers.
3.	Prepare a schedule of accounts receivable.
4.	Compute the net sales for the month of September.

1. Enter the transactions for the month of September in a general journal. (Begin with page 7.)

General Journal Instructions

PAGE 7PAGE 8

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
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GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
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