1. Recording of Journals :
Date | Account Title | Debit | Credit |
01 February 2019 | Accounts Receivable Dr. | 3290 | |
To Sales | 3290 | ||
(Being sold crystal goods to Lovely Kitchens.- Invoice:5950) | |||
15 February 2019 | Cash Dr. | 9936 | |
To Sales | 9200 | ||
To Sales Tax payable | 736 | ||
(Being Cash Sales from 01/02 to 15/02) | |||
15 February 2019 | Receivable from Credit Card Dr | 13716 | |
To Sales | 12700 | ||
To Sales Tax payable | 1016 | ||
(Being Credit Card sales from 01/02 to 15/02) | |||
Credit Card Expense Dr | 137.16 | ||
To Receivable from Credit Card | 137.16 | ||
(Being Credit card expense from 01/02 to 15/02 @1%) | |||
Cash Dr | 13578.84 | ||
To Receivable from Credit Card | 13578.84 | ||
(Being received net amount receivable from Credit Card Companies.) | |||
16 February 2019 | Cash Dr | 3290 | |
To accounts Receivable | 3290 | ||
(Being Cheque received from Lovely Kitchens) | |||
16 February 2019 | Receivable fromAmerican Express Dr | 9396 | |
To Sales | 8700 | ||
To Sales Tax payable | 696 | ||
(Being merchandise sold through American Express card.) | |||
17 February 2019 | Accounts Receivable Dr. | 6960 | |
To Sales | 6960 | ||
(Being sold Roman Statues to Beautiful Bedrooms.- Invoice:5951) | |||
20 February 2019 | Cash Dr | 9208.08 | |
American Express Credit card expense | 187.92 | ||
To Receivable fromAmerican Express | 9396 | ||
(Being American Express Credit card expense @2%) | |||
27 February 2019 | Cash Dr | 6960 | |
To accounts Receivable | 6960 | ||
(Being Cheque received from Beautiful Bedrooms) | |||
28 February 2019 | Cash Dr. | 8208 | |
To Sales | 7600 | ||
To Sales Tax payable | 608 | ||
(Being Cash Sales from 16/02 to 28/02) | |||
28 February 2019 | Receivable from Credit Card Dr | 16200 | |
To Sales | 15000 | ||
To Sales Tax payable | 1200 | ||
(Being Credit Card sales from 16/02 to 28/02) | |||
Credit Card Expense Dr | 162 | ||
To Receivable from Credit Card | 162 | ||
(Being Credit card expense from 16/02 to 28/02 @1%) | |||
Cash Dr | 16038 | ||
To Receivable from Credit Card | 16038 | ||
(Being received net amount receivable from Credit Card Companies.) | |||
28 February 2019 | Receivable fromAmerican Express Dr | 10692 | |
To Sales | 9900 | ||
To Sales Tax payable | 792 | ||
(Being merchandise sold through American Express card.) |
2. Posting of entries to Ledgers :
Cash | Account No. 101 | Accounts Receivable | Account No. 121 | |||||
Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |
01-Feb | 22930 | 0 | 22930 | 01-Feb | 3290 | 0 | 3290 | |
15-Feb | 9936 | 0 | 32866 | 16-Feb | 0 | 3290 | 0 | |
15-Feb | 13578.84 | 0 | 46444.84 | 17-Feb | 6960 | 0 | 6960 | |
16-Feb | 3290 | 0 | 49734.84 | 27-Feb | 0 | 6960 | 0 | |
20-Feb | 9208.08 | 0 | 58942.92 | |||||
27-Feb | 6960 | 0 | 65902.92 | |||||
28-Feb | 8208 | 0 | 74110.92 | |||||
28-Feb | 16038 | 0 | 90148.92 | |||||
Sales Tax Payable | Account No. 222 | Sales | Account No. 401 | |||||
Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |
15-Feb | 0 | 736 | 736 | 01-Feb | 0 | 3290 | 3290 | |
15-Feb | 0 | 1016 | 1752 | 15-Feb | 0 | 9200 | 12490 | |
16-Feb | 0 | 696 | 2448 | 15-Feb | 0 | 12700 | 25190 | |
28-Feb | 0 | 1200 | 3648 | 16-Feb | 0 | 8700 | 33890 | |
28-Feb | 0 | 792 | 4440 | 17-Feb | 0 | 6960 | 40850 | |
28-Feb | 0 | 15000 | 55850 | |||||
28-Feb | 0 | 9900 | 65750 | |||||
Credit card Expense | Account No. 521 | |||||||
Date | Debit | Credit | Balance | |||||
15-Feb | 137.16 | 0 | 137.16 | |||||
20-Feb | 187.92 | 0 | 325.08 | |||||
28-Feb | 162 | 0 | 487.08 |
3. Total Credit card expense incurred in February :
Credit card expense as per ledger = 487.08
+ Expense for sales through American Express card on 28/02 = 10692*2%=213.84
Total Credit card Expense = 487.08 + 213.84 = $700.92
(If found helpful,kindly rate positively.)
Need help please asap. Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales...
operates with 26 Record the following transactions of Lisa's Fashion Boutique na general journal Lisa's Fashion sales tax Round your intermediate calculations and final answers to 2 decimal places): sale cards card the 13 percent discount credit card sales at the 15 Sold merchandise totaling 5.000 toutes using an Express Receveut dure for cas , less their 14 percet di for sales made by customers using Express on Fabruar View transactions Journal entry worksheet Said marchand forth tota 52300 cards...
Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa's Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places): DATE TRANSACTIONS 2019 Feb. 2 Sold merchandise for cash totaling $3,300 to customers using bank credit cards. Record the 8 percent discount on credit card sales at time of sale. 15 Sold merchandise totaling $3,700 to customers using American Express. 20 Received amount due from American...
Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa's Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places): DATE TRANSACTIONS 2019 Feb. 2 Sold merchandise for cash totaling $3,800 to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale. 15 Sold merchandise totaling $2,100 to customers using American Express. 20 Received amount due from American...
The Old English Garden Shop is a retail store that sells garden equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for July are listed below. The general ledger accounts used to record these transactions are also provided. The balance shown is for the beginning of July 2019. PARTI GENERAL LEDGER ACCOUNTS 205 Accounts Payable, $35,810 Cr. 501 Purchases 502 Freight In 503 Purchases Returns and Allowances DATE TRANSACTIONS July 1 Purchased lawn mowers for $9,140 plus...
The old English garden shop is a retail store that sells garden equipment furniture and supplies it's credit purchases and purchases returns and allowances for July are listed below the general ledger account used to record these transactions are also provided the balance shown is for the beginning of July 2019 The Old English Garden Shop is a retail store that sells garden equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for July are listed below....
Problem 7.1A Recording sales and cash receipts for a retail store. LO 7-1, 7-4 The Appliance Store began operations March 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. During March, The Appliance Store engaged in the following transactions: DATE TRANSACTIONS 2019 March 1 Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for $550 plus sales tax of $33. 4 Sold merchandise on credit...
Digital world is a retail store that sells cameras and photography supplies the firms credit purchases and purchases returns and allowance transactions for June 2019 appear below along with the general ledger account used to record these transactions the balance shown in accounts payable is for the beginning of June. what amount is owed to nano glass on June 30? Digital World is a retail store that sells cameras and photography supplies. The firm's credit purchases and purchases returns and...
Superior Appliances is a retail store that sells household appliances. Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales for July are listed below, along with the general ledger accounts used to record these sales. The balance shown for Accounts Receivable is for the beginning of the month. DATE TRANSACTIONS July 1 Sold a dishwasher to John Martinez; issued Sales Slip 501 for $825 plus sales tax of $66. 6 Sold a washer to Helen...
Digital world is a retail store that sells cameras in photography supplies the firms credit purchases and purchases returns and allowances transactions for June 2019 appear below along with the general ledger account used to record these transactions the balance shown in the accounts payable is for the beginning of June Digital World is a retail store that sells cameras and photography supplies. The firm's credit purchases and purchases returns and allowances transactions for June 2019 appear below, along with...
superior appliances it is a retail store that sells household appliances merchandise sales are subject to an 8% sales tax affirms credit sales for July are listed below along with the general ledger account used to record the sales the balance shown for accounts receivable is for the beginning of the month. Problem 7.1A Recording credit sales and posting from the sales journal. LO 7-1, 7-2 Superior Appliances is a retail store that sells household appliances. Merchandise sales are subject...