Answered: Record the transactions starting on…

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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Cash Receipts Transactions

Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%.

Dec. 1		Received payment on account from Michael Anderson, $1,350.
2		Received payment on account from Ansel Manufacturing, $350.
7		Cash sales for the week were $3,180 plus tax. Bank credit card sales for the week were $3,000 plus tax. Bank credit card fee is 3%.
8		Received payment on account from J. Gorbea, $870.
11		Michael Anderson returned merchandise for a credit, $60 plus tax.
14		Cash sales for the week were $2,760 plus tax. Bank credit card sales for the week were $760 plus tax. Bank credit card fee is 3%.
20		Received payment on account from Tom Wilson, $1,120.
21		Ansel Manufacturing returned merchandise for a credit, $18 plus tax.
21		Cash sales for the week were $3,300 plus tax.
24		Received payment on account from Rachel Carson, $2,070.

Required:

1. Record the transactions starting on page 20 of a general journal. Enter the posting references when you complete part 2. (image 1/ 1.10.53 PM.png)

1. Record the transactions starting on page 20 of a general journal. Enter the posting references when you complete part 2. (image 2)

GENERAL LEDGER
ACCOUNT
Cash
ACCOUNT NO.
101
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
Dec. 1
Balance
9,860.00
dropdown
ACCOUNT
Accounts Receivable
ACCOUNT NO.
122
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
вес. 1
Balance
9,350.00
ACCOUNT
Sales Tax Payable
ACCOUNT NO.
231
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
0--
ACCOUNT
Sales
ACCOUNT No.
401
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
--
ACCOUNT
Sales Returns and Allowances
ACCOUNT No.
401.1
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
--

GENERAL JOURNAL
PAGE 20
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Dec. 1
Received cash on account
Dec. 2
/V
Received cash on account
Dec. 7
Made cash sales
Dec. 7
Made credit card sales
Dec. 8
Received cash on account
Dec. 11
/V
Returned merchandise
Dec. 14
Made cash sales
GENERAL JOURNAL
PAGE 21
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Dec. 14
Made credit card sales
Dec. 20

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