Budget Furniture, a home furnishings store, sells on the bases of (1) cash, (2) charge accounts, and (3) bank credit cards. The following trans¬

actions involve cash receipts for the firm for November of this year. The state imposes a 4 percent sales tax on retail sales. The bank charges 4 percent of the total credit card sales plus tax. (For all sales involving credit cards, record credit card expense at the time of the sale.)

Instrtictiofts Check Figure 1. Open the following accounts in the accounts receivable ledger and record the Credit, $16,575.52 November 1 balances as given: T. R. Allison, $193.84; C. E. Barnes, $233.52;
L. R. Cain, $106.46; L. P. Dunn, $179.52; O. Hauff, $143.12; N. P. Thorne, $78.52. Place a check mark in the Post. Ref. column.
2. Record a balance of $934.98 in the Accounts Receivable controlling account as of November 1.
3. Record the transactions in the cash receipts journal beginning with page 16.
4. Post daily to the accounts receivable ledger.
5. Total and rule the cash receipts journal.
6. Prove the equality of debit and credit totals.
7. Post to the Accounts Receivable account in the general ledger.

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Nov. 7 Total cash sales for the week, $1,700, plus $68 sales tax. 7 Total sales from bank credit cards for the week, $1,800, plus $72 sales tax. 11 M. R. Vance, the owner, invested an additional $4,728. 12 Sold office equipment for cash at cost, $366. 12 Collected cash from T. R. Allison, a charge customer, $53.84. 14 Total cash sales for the week, $2,593.04, plus $103.72 sales tax. 14 Total sales from bank credit cards for the week, $1,440 plus $57.60 sales tax. 18 Collected cash from N. P. Thorne, a charge customer, $78.52. 19 Borrowed $5,560 from the bank, receiving the same in cash and giv- ing the bank a promissory note. 21 Total cash sales for the week, $3,254, plus $130.16 sales tax. 21 Total sales from bank credit cards for the week, $1,480, plus $59.20 sales tax. 22 Collected cash from C. E. Barnes, a charge customer, $233.52. 24 Budget Furniture received cash as a refund for the return of mer- chandise it purchased, $372. 27 Collected cash from O. Hauff, a charge customer, $143.12. 30 Total sales from bank credit cards for the week, $352.80, plus $14.11 sales tax. 30 Total cash sales for the week, $3,955.68, plus $158.23 sales tax.