Question

Ster 10: Accounting for Sales and Cash Receipts uk AA A (L02 / 3 ) Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20-- There is a 7% sales tax. CLGL Apr. 1 Sale on account No. 111 to 0. L. Meyers, $2,100 plus sales tax. 3 Sale on account No. 112 to Andrew Plaa, $1,000 plus sales tax. 6 0. L. Meyers returned merchandise from Sale No. 111 for a credit (Credit Memo No. 42), $50 plus sales tax. 7 Cash sales for the week were $3,240 plus sales tax. 9 Received payment from O. L. Meyers for Sale No. 111 less Credit Memo No. 42. 12 Sale on account No. 113 to Melissa Richfield, $980 plus sales tax. 14 Cash sales for the week were $2,180 plus sales tax. 17 Melissa Richfield returned merchandise from Sale No. 113 for a credit (Credit Memo No. 43), $40 plus sales tax. 19 Sale on account No. 114 to Kelsay Munkres, $1,020 plus sales tax. 21 Cash sales for the week were $2,600 plus sales tax. 24 Sale on account No. 115 to 0. L. Meyers, $920 plus sales tax. 27 Sale on account No. 116 to Andrew Plaa, $1,320 plus sales tax. 28 Cash sales for the week were $2,800 plus sales tax 29 Received payment from Melissa Richfield for $2,186. Beginning general ledger account balances were: Cash $2,864.54 Accounts Receivable 2,726.25

Answer 1

Above question is about journalize of transactions and posting them to general ledger and accounts receivable accounts. Refer the below images for more detailed solution.

Answer: Reassement : Record the transactions in a general journal Date Dobit Credit April ao - 1 224700 particulars past PEC Accounts Receivable -OL. Meyers lor. 1221 To sales To sales tax payable 231 (Being Sale No. 1) Hol 210000 14300 Ale pr 1221 107goo 3 . 401 1000.00 7000 Accounts Receivable - A-plaa To sales to saler dax payable (Being Sale No. 112) 131 Sopo 300 Sales returns is allowances All Dr 40001 sales tax payable Atc or 231 To accounts Receivable -o-Lo Meyers 1921 (Being returned Merchandise - credit neno #42) $300 346680 7. 101 401 Cast al or To Sales To Setes tax payable (Being made cast fales) 324000 22620 231 tor 2193650 9. cast al or Go Accants Decāvable -b L. Meyers (Bring Received cash on account) 1221 219350 12. 1221 104860 Accounts Receivable - M. Richfield Alcor To Sales to Sales tax payable ( Being sale No. 113) 원에 231 98000 68.60

Date particulars post RET Debit Credit Apr.no 14. 237260 cash at Dr. To Sales TO Sales Box Payable (Being made cash Sales) 101 406 219000 15260 231 4011 4000 17. 4280 Sales Returns y allowances Ale or Sales tax payable Ale Dr 231 To Accounts Receivable - Hi Richfield 120 (Being returned merchandise acredit neno #41) 1221 109140 19- Accounts To To (being Receivable - Lo Monkres Sales salep tax payable soles no 114) you 231 1020.00 7140 21. 231 24. 27 10 278200 Cast at Dr 401 To sales 260000 1 6200 To sales tax payable (Being made cash sales) Accounts 98440 All Dr Receivable -o-L. Meyers 1221 To sales 401 42000 so fales tax payable 231 6440 (Being Sales No. 15) Accounts Receivable - A-plaa Alcor 1412.40 To sales 132000 To sales tax payable 2.31 9 240 (Being Sale No. 16) cast Alcor 101 399600 To sales 401 280000 70 soles tax payable 231 196000 (Being made cash sales) Cash ARC Dr 218600 To Accounts Receivable-Mo Richfield 1221 218600 (Bering Recived cast on Account) 401 34- 29. tot

Requirement : post from the cornal to the general ledger y accounts receivable ledger accounts. . General Ledger Account No: 101 Balance abit Debit Credit Account : Cash Date stom pust REF credit Balance 286454 17 346680 219350 233960 2782.00 299600 218600 633 134 252484 10857.44 13639.44 16635.44 18821.44 Account : Acounts Receivable Account No: 122 Balance post Date Item credit REFL Debt Debit eredit 20 April Balance IF 2247,00 107ooo 57 $3.50 2193950 97 y feawca 1 104860 272625 497325 604325 598935 379625 484485 4802.05 5893,45 6877385 829025 610425 42.86 109140 98440 1412.40 218600

Account & Sales Tax payable Debit Acreont No: 231 Balance Date Item | post REF credit credit 20 Apy 149.00 7000 350 22080 6860 15260 RA 147,00 217.00 2.34 4 4050 50890 66150 65870 73000 41210 476-10 106890 1264.90 Account No: 401 Balance 7140 18.00 6440 १२४० 19600 18 Account & Sales Date [tem post REF Debit credit Debit 2100,00 10 Dupo 324 000 98000 218000 102000 260000 9 2000 132000 240060 eredit 2.00.00 3 100,00 6340po 732000 asoooo 105 2000 1312000 1404000 1536000 18 16000 Account : sales returns y allowances Account No : 400. Balance post REF Date Item Debit Credit Debit credit 20 17 April 6 5000 4000 JE Sooo 9000 17

Accounts Receivable ledger Name & O L. Meyers Date Item post PEF Debit credit Balance Aprel ! 224700 2247,00 219350 1340 2193050 98440 984.40 Name : kelsay Munkares Date Item post -REFL Debit credit Balance 20 Balance 482.00 April 14 109140 1973-40 Andrew plaa Name, Item Date pout .REFL Debit credit Balance 3 April lotooo 107800 2482.40 1412.90 Name : Melissa Rechfield post. Date Stom REF Debit Balance (redt 20 1 Balance April JE 1048.60 J8 42.80 2186.00 224 425 3292.85 3250.05 1064.05