Question

eBook Calculator Sales and Cash Receipts Transactions Sourk Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20. There is an 8% sales tax. Mar. 1 Sale on account No. 33C to Donachie & Co., $1,700 plus sales tax. 3 Sale on account No. 33D to R. J. Kibubu, Inc., $2,190 plus sales tax. S Donachie & Co. returned merchandise from Sale No. 33C for a credit (Credit Memo No. 66), $40 plus sales tax. 7 Cash sales for the week were $3,140 plus sales tax 10 Received payment from Donachie & Co. for Sale No. 33C less Credit Memo No. 66. 11 Sale on account No. 33E to Eck Bakery, $1,230 plus sales tax 13 Received payment from R. J. Kibubu for Sale No. 33D. 14 Cash sales for the week were $4,100 plus sales tax. 16 Eck Bakery returned merchandise from Sale No. 33E for a credit (Credit Memo No. 67), $34 plus sales tax. 18 Sale on account No. 33F to R. J. Kibubu, Inc., $2,580 plus sales tax. 20 Received payment from Eck Bakery for Sale No. 33 less Credit Memo No. 67 21 Cash sales for the week were $2,510 plus sales tax. 25 Sale on account No. 33G to Eck Bakery, $2,010 plus sales tax. 27 Sale on account No. 33H to Whitaker Group. $2,070 plus sales tax. 28 Cash sales for the week were $3,420 plus sales tax 1. Record the transactions in the general Journal. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGET DATE DESCRIPTION POST. REF. CREDIT Check My Work < Previous

Answer 1

Credit [$1700.00 + $136.00] $1,700.00 $136.00 ($1700.00 x 8%] [$2190.00 + $175.20] $2,190.00 $175.20 ($2190.00 x 8%] Date General Journal Debit Mar. 1 Accounts Receivable - Donache & Co. $1,836.00 Sale Revenue Sales Tax Payable (To record sale on account- Account No.33C) Mar. 3 Accounts Receivable - R.J.Kibubu, Inc. $2,365.20 Sale Revenue Sales Tax Payable (To record sale on account- Account No.33D) Mar. 5 Sales Returns and Allowances $40.00 Sales Tax Payable $3.20 Accounts Receivable - Donache & Co. (To record sale return -Credit Memo No.66) Mar. 7 Cash $3,391.20 Sale Revenue Sales Tax Payable (To record cash sale for the week) Mar. 10 Cash $1,792.80 Accounts Receivable - Donache & Co. (To record cash collected on account less returns) Mar. 11 Accounts Receivable - Eck Bakery $1,328.40 Sale Revenue Sales Tax Payable (To record sale on account- Account No.33E) [$40.00 x 8%] $43.20 [$40.00 + $3.20] [$3140.00 + $251.20] $3,140.00 $251.20 [$3140.00 x 8%] $1,792.80 ($1836.00 - $43.20] ($1230.00 + $98.40] $1,230.00 $98.40 ($1230.00 x 8%]

$2,365.20 [Ref: Entry dated Mar. 3] [$4100.00 + $328.00] $4,100.00 $328.00 [$4100.00 x 8%] [$34.00 x 8%] $36.72 ($34.00 + $2.720] Mar. 13 Cash $2,365.20 Accounts Receivable - R.J.Kibubu, Inc. (To record cash collected on account) Mar. 14 Cash $4,428.00 Sale Revenue Sales Tax Payable (To record cash sale for the week) Mar. 16 Sales Returns and Allowances $34.00 Sales Tax Payable $2.72 Accounts Receivable - Eck Bakery (To record sale return -Credit Memo No.67) Mar. 18 Accounts Receivable - R.J.Kibubu, Inc. $2,786.40 Sale Revenue Sales Tax Payable (To record sale on account- Account No.33F) Mar. 20 Cash $1,291.68 Accounts Receivable - Eck Bakery (To record cash collected on account less returns) Mar. 21 Cash $2,710.80 Sale Revenue Sales Tax Payable (To record cash sale for the week) ($2580.00 + $206.40] $2,580.00 $206.40 [$2580.00 x 8%] $1,291.68 ($1328.40 - $36.72] [$2510.00 + $200.80] $2,510.00 $200.80 ($2510.00 x 8%]

[$2010.00 + $160.80] $2,010.00 $160.80 ($2010.00 x 8%] Mar. 25 Accounts Receivable - Eck Bakery $2,170.80 Sale Revenue Sales Tax Payable (To record sale on account- Account No.33G) Mar. 27 Accounts Receivable - Whitekar Group $2,235.60 Sale Revenue Sales Tax Payable (To record sale on account- Account No.33H) Mar. 28 Cash $3,693.60 Sale Revenue Sales Tax Payable (To record cash sale for the week) [$2070.00 + $165.60] $2,070.00 $165.60 ($2070.00 x 8%] [$3420.00 + $273.60] $3,420.00 $273.60 ($3420.00 x 8%]