Movie Courier Service is a retail store that rents movies and sells music CDs over the Internet. The firm’s cash receipts for February are listed below. The general ledger accounts used to record these transactions appear below.
INSTRUCTIONS
1. Open the general ledger accounts and enter the balances as of February 1, 2013.
2. Record the transactions in a cash receipts journal. Use 4 as the page number.
3. Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts.
4. Total, prove, and rule the cash receipts journal as of February 28, 2013.
5. Post the column totals from the cash receipts journal to the proper general ledger accounts.
GENERAL LEDGER ACCOUNTS
101 | Cash | $ 4,960 Dr. | 401 | Sales |
109 | Notes Receivable | 800 Dr. | 491 | Interest Income |
111 | Accounts Receivable | 4,075 Dr. | 620 | Cash Short or Over |
129 | Supplies | 610 Dr. |
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231 | Sales Tax Payable | 295 Cr. |
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301 | Jason Wilson, Capital | 34,000 Cr. |
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DATE | TRANSACTIONS |
Feb. 3 | Received $500 from Danielle Pelzel, a credit customer, on account. |
5 | Received a cash refund of $120 for damaged supplies. |
7 | Had cash sales of $4,800 plus sales tax of $384 during the first week of February; there was a cash shortage of $60. |
9 | Jason Wilson, the owner, invested an additional $15,000 cash in the business. |
12 | Received $380 from Kyela Jones, a credit customer, in payment of her account. |
14 | Had cash sales of $4,050 plus sales tax of $324 during the second week of February; there was an overage of $28. |
16 | Received $450 from Sadie Nelson, a credit customer, to apply toward her account. |
19 | Received a check from Ketura Pittman to pay her $800 promissory note plus interest of $32. |
21 | Had cash sales of $4,550 plus sales tax of $364 during the third week of February. |
25 | Alfred Herron, a credit customer, sent a check for $580 to pay the balance he owes. |
28 | Had cash sales of $4,100 plus sales tax of $328 during the fourth week of February; there was a cash shortage of $36. |
Analyze: What total accounts receivable were collected in February?
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