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

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

FINANCIAL ACCOUNTING
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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Q Acco New Tab + keAssiquinen/iakeAsignnmentMainalotimvoker WtikAwnimentSession w.com inley 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 Received 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 Received 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 Receivable Payable Debit Sales Credit Credit Date Sale No. To Whom Sold Post. Ref. May 2 James Koffsky 6. Kevin Nolon 18 Joyce McKay 19 Tim Carney 28 James Koffsky 29 Kevin Nolon (122) (401) (231) Ne Previous
Transcribed Image Text:Q Acco New Tab + keAssiquinen/iakeAsignnmentMainalotimvoker WtikAwnimentSession w.com inley 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 Received 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 Received 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 Receivable Payable Debit Sales Credit Credit Date Sale No. To Whom Sold Post. Ref. May 2 James Koffsky 6. Kevin Nolon 18 Joyce McKay 19 Tim Carney 28 James Koffsky 29 Kevin Nolon (122) (401) (231) Ne Previous
New Tab takeAssignment takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false CASH RECEIPTS JOURNAL Page 8 Accounts Sales Tax Account General Receivable Sales Payable Date Credited Post. Ref. Credit Credit Credit Credit Cash Debit May 22 James Koffsky 31 Joyce McKay 31 Cash sales (122) (401) (231) (101) 2 (i). Journalize 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 3 122/V 3. 4 May 26 401.1 231 122/y 2 (ii). Post the entries from the journals to the subsidiary ledgers 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 orde It your answer is zero, enter "0". GENERAL LEDGER ACCOUNT Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT CRB
Transcribed Image Text:New Tab takeAssignment takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false CASH RECEIPTS JOURNAL Page 8 Accounts Sales Tax Account General Receivable Sales Payable Date Credited Post. Ref. Credit Credit Credit Credit Cash Debit May 22 James Koffsky 31 Joyce McKay 31 Cash sales (122) (401) (231) (101) 2 (i). Journalize 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 3 122/V 3. 4 May 26 401.1 231 122/y 2 (ii). Post the entries from the journals to the subsidiary ledgers 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 orde It your answer is zero, enter "0". GENERAL LEDGER ACCOUNT Cash ACCOUNT NO. 101 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT CRB
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