Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each part, If required, round your answers to two decimal places.
5% sales tax, with returned merchandise.(a) Merchandise is sold on account for $400 plus sales tax.(b) Merchandise sold on account for $60 plus sales tax is returned for a credit.(c) Balance on account is received in cash.(d) Merchandise is sold for $260 cash plus sales tax.(e) $40 of merchandise sold for $260 cash plus sales tax is returned for a refund.
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Journal Entry | ||
Account | Debit $ | Credit $ |
Accounts Receivable | 420.00 | |
Sales | 400.00 | |
Sales tax payable | 20.00 | |
Sales Returns and Allowances | 60.00 | |
Sales tax payable | 3.00 | |
Accounts Receivable | 63.00 | |
Cash | 357.00 | |
Accounts Receivable | 357.00 | |
Accounts Receivable | 273.00 | |
Sales | 260.00 | |
Sales tax payable | 13.00 | |
Sales Returns and Allowances | 40.00 | |
Sales tax payable | 2.00 | |
Accounts Receivable | 42.00 |
T accounts | |||
Accounts Receivable | |||
Account | Debit $ | Account | Credit $ |
Sales | 400.00 | Sales Returns and Allowances | 60.00 |
Sales tax payable | 20.00 | Sales tax payable | 3.00 |
Sales | 260.00 | Cash | 357.00 |
Sales tax payable | 13.00 | Sales Returns and Allowances | 40.00 |
Sales tax payable | 2.00 | ||
Closing Balance | 231.00 | ||
693.00 | 693.00 | ||
Cash | |||
Account | Debit $ | Account | Credit $ |
Accounts Receivable | 357.00 | Closing Balance | 357.00 |
357.00 | 357.00 | ||
Sales Returns and Allowances | |||
Account | Debit $ | Account | Credit $ |
Accounts Receivable | 60.00 | Closing Balance | 100.00 |
Accounts Receivable | 40.00 | ||
100.00 | 100.00 | ||
Sales | |||
Account | Debit $ | Account | Credit $ |
Closing Balance | 660.00 | Accounts Receivable | 400.00 |
Accounts Receivable | 260.00 | ||
660.00 | 660.00 | ||
Sales tax payable | |||
Account | Debit $ | Account | Credit $ |
Accounts Receivable | 3.00 | Accounts Receivable | 20.00 |
Accounts Receivable | 2.00 | Accounts Receivable | 13.00 |
Closing Balance | 28.00 | ||
33.00 | 33.00 |
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and...
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each part, If required, round your answers to two decimal places. 5. Sales on account, with 2/10, n/30 cash discount terms. (a) Merchandise is sold on account for $450. (b) The balance is paid within the discount period. (c) Merchandise is sold on account for $280. (d) The balance is...
The blue words off to the right are the options that the drop down arrows provide. Thank you! Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $27,300 with terms 2/10, n/30. The cost of the merchandise sold was $16,380. Sale Accounts payable / Accounts Receivable / Cash / Cost of Merchandise Sold / Merchandise Inventory / Purchase Discounts Cost of Merchandse Sold / Purchases / Cash / Sales / Sales Discounts / Sales Returns and Allowances...
A debit to Sales Returns and Allowances and a credit to Accounts Receivable: Is recorded when a customer takes a discount. All of the above. O Recognizes that a customer returned merchandise or received an allowance. Reflects an increase in amount due from a customer. Question 11 A company purchased $1,800 of merchandise on December 5. On December 7.10 returned $200 worth of merchandise. On December 8, it paid the balance in full, takin a 2% discount. The amount of...
Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
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. 7 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....
Use 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,...
do the images that are clear Problema co ) Cubomber aware Store completed the following merchandising transactions in the month of May. At the beginning of Owner's Capital of 55.000 the edge of lumber showed Cash of $5.000 and My Puden tom's what 210, 2 Said merchandise on account $1.00 110. The cost of the merchandie sold was $1,600 5 Received credit from our's Wholesale Supply for merchandise returned $300 9 Received collection in fulles d u from customers bied...
Exercise 7.4 Recording sales made for cash and on account, with 8 percent sales tax, and sales returns. LO 7-1 Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $1,800 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $150 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise...
9A-2. 3. Prepare a schedule of accounts receivable for the end ul February The following transactions of Jeff's Auto Supply occurred in February (Balances as of February 1 are given for general ledger and accounts ledger accounts: Dick, $1,100 Dr.; Metcalf, $200 Dr.; Black, $100 Dr. Receivable, $1,400 Dr.; Sales Tax Payable, $1,100 Cr. The balance of M dise Inventory is $8,000. Be sure to enter these balances in your working before beginning.): accounts receivable 5100 Dr.; Accounts nce of...
A debit to Sales Returns and Allowances and a credit to Accounts Receivable: Multiple Choice Ο. Is recorded when a customer takes a discount. Ο Records the cost side of a sales return. Ο Recognizes that a customer returned merchandise and/or received an allowance. Ο Reflects an increase in amount due from a customer Ο Reflects a decrease in amount due to a supplier < Prev 13 of 15 F Next > της, 30