College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 12, Problem 2SEB
To determine
Record the given transaction in a sales journal.
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Journalizing Sales Transactions
Enter the following transactions in a sales journal. Use a 6% sales tax rate.
May 1
Sold merchandise on account to J. Adams, $1,800, plus sales tax. Sale No. 488.
4
Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489.
8
Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490.
11
Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491.
Journalizing Sales Transactions
Enter the following transactions in a sales journal. Use a 6% sales tax rate.
May 1 Sold merchandise on account to J. Adams, $2,000, plus sales tax. Sale No. 488.
4 Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489.
8 Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490.
11 Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491
Page: 1
SALES TAX
PAYABLE
ACCOUNTS
GENERAL
SALES
SALE
POST.
DATE
TO WHOM SOLD
RECEIVABLE
REF. DEBIT CREDIT
NO.
CREDIT
DEBIT
CREDIT
М.d
1
1
М.d
2
2
М.d
3
М.d
4
0000
Journalizing Sales Transactions
Enter the following transactions in a general journal. Use a 6% sales tax rate.
May Sold merchandise on account to J. Adams, $4,000 plus
' sales tax. Sale No. 488.
Sold merchandise on account to B. Clark, $3,800 plus
sales tax. Sale No. 489.
Sold merchandise on account to A. Duck, $3,500 plus
8.
sales tax. Sale No. 490.
Sold merchandise on account to E. Hill, $3,950 plus sales
11
tax. Sale No. 491.
Page:
ACCOUNT TITLE DOC. POST.
NO. REF.
DATE
DEBIT CREDIT
20--
May 1
2
2
3
4
4
5 May 4
6.
7
8.
8
9 May 8
9
10
10
11
11
12
12
13 May 11
13
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15
Chapter 12 Solutions
College Accounting, Chapters 1-27
Ch. 12 - LO1 The types of special journals a business uses...Ch. 12 - Prob. 2TFCh. 12 - Prob. 3TFCh. 12 - Prob. 4TFCh. 12 - LO4 Purchases returns and allowances are recorded...Ch. 12 - The first step in posting the sales journal to the...Ch. 12 - LO3 In the cash receipts journal, each amount in...Ch. 12 - The journal that should be used to record the...Ch. 12 - A purchases journal usually is used to record all...Ch. 12 - In the cash payments journal, each amount in the...
Ch. 12 - Prob. 1CECh. 12 - LO3 Enter the following transactions in a cash...Ch. 12 - LO4 Enter the following transaction in a purchases...Ch. 12 - Enter the following transactions in a cash...Ch. 12 - Prob. 1RQCh. 12 - List four items of information about each sale...Ch. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - What steps are followed in posting from the cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEACh. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - Prob. 5SEACh. 12 - SALES JOURNAL Futi Ishanyan owns a retail business...Ch. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - PURCHASES JOURNAL J. B. Speck, owner of Specks...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPACh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEBCh. 12 - Prob. 3SEBCh. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH PAYMENTS Sandcastles Northwest...Ch. 12 - SALES JOURNAL T. M. Maxwell owns a retail business...Ch. 12 - Prob. 7SPBCh. 12 - SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL...Ch. 12 - PURCHASES JOURNAL Ann Benton, owner of Bentons...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPBCh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - Prob. 1MYWCh. 12 - Judy Baresford, the store manager of Comfort...Ch. 12 - During the month of October 20--, The Pink Petal...Ch. 12 - Screpcap Co. had the following transactions during...
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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.arrow_forwardRecord the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, 680 plus 54.40 sales tax (invoice no. D446). b. Bauer returned 105.50 of the merchandise. Issued credit memo no. 114 for 113.94 (105.50 for the amount of the sale plus 8.44 for the amount of the sales tax).arrow_forwardA seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?arrow_forward
- How do you make a general journal entry for these sales transactions?arrow_forwardJournalizing Sales Transactions Enter the following transactions in a general journal. Use a 6% sales tax rate. May 1 Sold merchandise on account to P. Delgado, $5,000 plus sales tax. Sale No. 488. 4 Sold merchandise on account to L. Wong, $4,800 plus sales tax. Sale No. 489. 8 Sold merchandise on account to D. Epstein, $4,500 plus sales tax. Sale No. 490. 11 Sold merchandise on account to K. Lovechild, $4,950 plus sales tax. Sale No. 491. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--May 1 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 fill in the blank 8 fill in the blank 9 3 4 4 5 May 4 fill in the blank 11 fill in the blank 12 5 6 fill in the blank 14 fill in the blank 15 6 7 fill in the blank 17 fill in the blank 18 7 8 8 9 May 8 fill in the blank 20 fill in the blank 21 9 10 fill in the blank…arrow_forwardAccounting question in imagearrow_forward
- Use the following transactions to answer the questions. Use a 6% sales tax rate. Total and rule the sales journal. Jan. 3 Sold merchandise on account to J. J. Johnson, $1,500, plus sales tax. Sold merchandise on account to C. Lopez, $2,100, plus sales tax. 14 Issued credit memorandum to J. J. Johnson for $530, including sales tax of $30. 19 Sold merchandise on account to H. Hertz, $700, plus sales tax. 29 Sold merchandise on account to G. Cardolo, $1,100, plus sales tax. Prepare the sales journal using the above transactions, as appropriate. SALES JOURNAL Page 1 Accounts Sales Tax Receivable Sales Payable Date Sale No. To Whom Sold Post. Ref. Debit Credit Credit Jan. 3 J. J. Johnson C. Lopez 19 H. Hertz 29 G. Cardolo Prepare the general journal using the above transactions, as appropriate. If an amount box does not require, "leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Jan. 14 1. 3 3 Check My Work more Check My Work uses remaining. All worarrow_forwardJOURNALIZING SALES, SALES RETURNS AND ALLOWANCES, AND CASH RECEIPTS. Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to S. Miller for $320 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 6 6 Sold merchandise on account to K. Krtek for $210 plus sales tax of 4%. 10 S. Miller returned merchandise purchased on August 4 for $20 plus sales taxfor credit. Aug. 13 S. Miller paid the balance due on her account 15 K. Krtek returned merchandise purchased on August 6 for $40 plus sales taxfor credit. 20 K. Krtek paid the balance due on his accountarrow_forwardUse the following transactions to answer the questions. Use a 7% sales tax rate. Total and rule the sales journal. Aug. 1 Sold merchandise on account to Beth Deleo, $1,500, plus sales tax. 5 Sold merchandise on account to Bill Serrato, $1,850, plus sales tax. 11 Issued credit memorandum to Beth Deleo for $428, including sales tax of $28. 22 Sold merchandise on account to Donna Whitten, $680, plus sales tax. 25 Sold merchandise on account to Rob Thompson, $750, plus sales tax. Prepare the sales journal using the above transactions, as appropriate. If required, round answers to the nearest cent. SALES JOURNAL Page 1 Accounts Sales Tax Receivable Sales Payable Date Sale No. To Whom Sold Post. Ref. Debit Credit Credit Aug. 1 Beth Deleo Bill Serrato 22 Donna Whitten 25 Rob Thompson Prepare the general journal using the above transactions, as appropriate. If an amount box does not require, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 1 Aug. 11 2. 3 3.arrow_forward
- Journalizing Sales, Sales Returns and Allowances, and Cash Receipts Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to S. Miller for $390 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 6 Sold merchandise on account to K. Krtek for $150 plus sales tax of 4%. 10 S. Miller returned merchandise purchased on August 4 for $40 plus sales tax for credit. 13 S. Miller paid the balance due on her account. 15 K. Krtek returned merchandise purchased on August 6 for $50 plus sales tax for credit. 20 K. Krtek paid the balance due on his account. Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Aug. 4 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 fill in the blank 8 fill in the blank 9 3 4 4 5 Aug. 6 fill in the blank 11 fill in the blank 12 5 6 fill in the blank 14 fill in the blank 15…arrow_forwardJournalize the entries to record the following selected transactions: i. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold 0. was $510. ii. Paid $436 to the state sales tax department for taxes collected. Date Description Post. Debit Credit Ref. -C 121 Review Bununoarrow_forwardThe entry to record a sale on account of merchandise of $300 subject to sales tax of 6% includes a debit to the a)Accounts Receivable account for $318. b)Sales tax Payable account for $18. c)Accounts Receivable account for $300. d)Cash account for $300 and a debit to the Sales Tax account for $18.arrow_forward
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