ACCOUNTING CHAPTER 12 HOMEWORK

Donnas General Store had the following transactions for the month of June 2018.

Customer balances are as follows:

Victor Cardona $299.95

Kelly Coley $99.95

Susan Haber $79.98

Gina Kimra $379.50

Terry Scherrer $149.50

Kenneth Watt $199.75

Accounts Receivable has an opening balance of $1208.63

There is no opening Accounts Payable balance or outstanding balances from existing vendors.

Record each transaction below in the appropriate journal (sales, cash receipts, purchases, cash payments or general). Post all applicable transactions to either the Accounts Receivable or Accounts Payable subledger. Total, rule and post each special journal to the general journal. Prepare a schedule of accounts receivable and schedule of accounts payable to ensure balance.

June 1 Purchased merchandise from Sullivan Company on account, invoice 71, terms 2/10, n/30, $234.20

June 2 Issued check 536 for $1000.00 for June rent

June 3 Sold merchandise on account to Susan Haber, invoice 41, $159.50 plus 6% sales tax

June 4 Sold merchandise on account to Gina Kimra for $299.95 plus 6% sales tax on invoice 42

June 5 Purchased merchandise from Amfac Drug Supply on account, $562.40, invoice 196 terms 1/15, n/30

June 6 Received payment on account from Terry Scherrer $69.50

June 7 Issued a credit memo to Kenneth Watt for merchandise returned that had been sold on account, $42.75

June 7 Purchased merchandise from University Co on account, $367.35, invoice 914A, terms 3/10, n/30

June 9 Issued check 537 to Sullivan Company in payment for invoice 71

June 10 Received payment from Kelly Coley for her entire balance

June 11 Sold merchandise on account to Victor Cardona, $499.95 plus 6% sales tax, invoice 43

June 12 Received a credit memo from Amfac Drug Supply for merchandise returned costing $46.20

June 14 Received payment from Kenneth Watt for his full balance

June 14 Purchased merchandise from Mutual Inc. on invoice 745, terms 2/10, n/30, $479.40

June 15 Received a credit memo from University Co. for $53.70 for merchandise returned

June 16 Issued check 538 to Amfac Drug Supply for payment of invoice 196 less the credit memo

June 17 Susan Haber purchased merchandise on account on invoice 44 for $379.95 plus 6% sales tax

June 19 Sold merchandise to Terry Scherrer, on account, for $59.95 plus 6% sales tax, on invoice 45

June 21 Issued a credit memo to Gina Kimra for returned merchandise worth $53.45

June 23 Issued check 539 to Mutual Inc. in payment of invoice 745

June 24 Received a payment of $299.95 from Victor Cardona

June 25 Sold merchandise on account to Kelly Coley on invoice 46 for $179.50 plus 6% sales tax

June 26 Received a payment of $250.65 from Susan Haber

June 27 Purchased merchandise from Flites International, on account, for $638.47. They issued invoice 675 with terms 2/10, n/30

June 28 Kenneth Watt purchased merchandise on account for $49.95 plus 6% sales tax, issued invoice 47

June 29 Issued check 540 to Dolgin Candy Co for a cash purchase of merchandise, $270.20

June 30 Cash sales for the month totaled $2000.00 plus 6% sales tax; bank credit card sales for the month totaled $1220.00 plus 6% sales tax. The bank credit card fee is 3% of the bank credit card sales

June 30 Issued check 541 for the monthly utility bill of $1217.69