ter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blan ct. 1 Jim White made a $600 payment on account. 8. Cash sales for the week, $3,000, plus sales tax. 10 Kristin Ludwin made a $600 payment on account. 15 Melissa Perez made a $3,570 payment on account. 17 Cash sales for the week, $2,600, plus sales tax. 25 Sue Lee paid $860 on account. 30 Matt Chang paid $934 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax Account General Receivable Payable Date Credited Post. Ref. Credit Credit Sales Credit Credit Cash Debit ct. 1 Jim White 8 Cash sales 10 Kristin Ludwin 15 Melissa Perez 17 Cash sales 25 Sue Lee 30 Matt Chang

ter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blan ct. 1 Jim White made a $600 payment on account. 8. Cash sales for the week, $3,000, plus sales tax. 10 Kristin Ludwin made a $600 payment on account. 15 Melissa Perez made a $3,570 payment on account. 17 Cash sales for the week, $2,600, plus sales tax. 25 Sue Lee paid $860 on account. 30 Matt Chang paid $934 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax Account General Receivable Payable Date Credited Post. Ref. Credit Credit Sales Credit Credit Cash Debit ct. 1 Jim White 8 Cash sales 10 Kristin Ludwin 15 Melissa Perez 17 Cash sales 25 Sue Lee 30 Matt Chang

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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Consider the following transaction: On March 6, Fun Cards sells 590 card decks with a sales price of $10 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. А. Payment is made using a credit, in-house асcount. В. Payment is made using a MoneyPlus credit card. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. 88 A. Mar. 6 To record sale of card decks Mar. 6 To record cost of sale B. Mar. 6 To record sale of card decks, 3% credit card fee 88 Mar. 6 To record cost of sale II II 1II I0
JoJo's recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. Select the correct statement about the entry to record this sale. Question 3 options: Accounts receivable increases $10,000. Sales increase $9,800 Sales discounts increase $200 All of the above are correct
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Grocery Outlet (*sings* Bargain Market….totally stuck in your head now) had cash sales of $598,000 during the month of August. Sales taxes of 6.5% were collected on the sales. Prepare a journal entry to record the sales revenue and sales tax for the month. Account name Debit Credit
On June 1, Target sold 100 HP laptops to UCF for $500 each with terms of 3/15, n30. On June 11, UCF paid their invoice and took the discount. What journal entry (debit and credit) should Target record on June 11? (Select all answers that apply) O Debit Sales Discounts $1,500 O Credit Sales Revenue $48,500 O Credit Sales Discounts $1,500 O Debit Accounts Receivable $48,500 O Credit Accounts Receivable $50,000 O Debit Cash $48,500 O Debit Accounts Receivable $50,000 O Credit Accounts Receivable $48,500 O Credit Sales Revenue $50,000 O Debit Cash $50,000 ASUS f4 f5 f6 X f7 f9 f10 f11 4. 5 6 7 8. 图

On April 7, Rainforest Co. sold merchandise in the amount of $4,200 to Stellar Co. with credit terms 1/10, n/30. the cost of the items sold is $2,900. Stellar pays the invoice on April 14. The journal entry Rainforest Co. makes on April 14 is: Accounts Payable Cash Cash Accounts Receivable Cash Sales Discount Accounts Receivable Cash Accounts Receivable Cash Sales Discount Accounts Receivable 77 4,200 4,200 4,158 42 2,900 4,120 29 4,200 4,200 4,200 2,900 4,149
Journalize the transactions shown below in the two-column general journal that follows. Calculate HST (13%) on all sales transactions. | Oct. 2 Cash Sales Slip No. 102 to S. Stewart, $102.50 plus taxes. 6 Sales Invoice No. 617 to Jack Morrison, $250.90 plus taxes. Cheque Copy 10 No. 910 to Industrial Suppliers, $500 on account. Cash Receipt From Jack Mahoney, $322.50 on account. 12 18 Purchase Invoice From Grand's Stationers, S60.50 for office supplies taxes. 20 Cheque Copy No. 911 to Jack Whitcombe, $525 for personal use. 24 Bank Debit Memo $31.90 for bank service charge. Cash Sales Slip No. 103 to J. Beck, $450 plus taxes. 31
During the month of October 20--, The Pink Petal flower shop engaged in the following transactions: Oct. 1 Sold merchandise on account to Elizabeth Shoemaker, $1,000, plus tax of $50. Sale No. 222. 2 Issued Check No. 190 to Jill Hand in payment of October 1 balance of $500, less 2% discount. 2 Purchased merchandise on account from Flower Wholesalers, $4,000. Invoice No. 500, dated October 2, terms 2/10, n/30. 4 Purchased merchandise on account from Seidl Enterprises, $700. Invoice No. 527, dated October 4, terms 2/15, n/30. 5 Issued Check No. 191 in payment of phone expense for the month of September, $150. 7 Sold merchandise for cash, $3,500, plus tax of $175. 9 Received payment from Leigh Summers in full settlement of account, $2,000. 11 Issued Check No. 192 to Flower Wholesalers in payment of October 1 balance of $1,500. 12 Sold merchandise on account to Leigh Summers, $2,000, plus tax of $100. Sale No. 223. 12 Received payment from Meg Johnson on account,…
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Melody, Inc., accepts a national credit card. The collection fee is 6%. If credit card sales are $500, the correct journal is a. Accounts receivables 470 Sales 470 b. Accounts receivables 470 Credit card expense 30 Sales 500 c. Accounts receivables 500 Sales 500 d. Accounts receivable 500 Credit card discount 30 Sales 470