All About August Journal Entries Se Ms. Valli has provide Valli has provided the transactions for the month of August to be entered in system. All About You Spa does not track cash sales by customer CLGL Checkbook Register Check No. 2044 Date 8/1 Deposits Check Amount 1,500.00 8/1 513.54 8/1 Explanation Paid August rent. Deposited Chaco's payment received on account, invoice no. 25. Deposited Mini Spa's payment received on account, invoice no. 28. Paid in full Paid accumulated sales tax payable to State Revenue Dept. Paid advertising bill for August 244.08 2045 8/1 1.195.86 2046 8/2 555.00 2047 2048 8/2 8/2 2,075.00 2,718.00 2049 8/3 96.80 8/3 160.00 photo ad Paid week's wages. Paid Spa Magic for invoice no. 3503, dated June 2. Paid in full. Bought balloons for salon promotional event. Deposited balance of Tory Ligman's payment on account, invoice no. 22 Paid in full. Bought spa supplies-5 cases of bottled water for clients. Deposited Jill Anson's payment received on account Bought a digital camera for confidential before and after spa pictures Paid Office Staples for invoice 2417, 2050 8/4 65.00 75.00 8/4 386.00 2051 8/5 179.00 2052 8/5 1,318.00 2053 8/5 995.00 8/6 410.00 2054 8/6 dated July 5. Paid in full Paid Giftco for invoice no. 613, dated July 5. Paid in full. Deposited Pleasant Spa's payment received on account, invoice no. 26. Paid Golden Spa Supplies for invoice no. 1368, dated July 1. Paid in full. Deposited first week's cash sales: merchandise, $1,860.00; services, $3,350.00, sales tax collected. $148.80 5,358.80 8/7 CUUU CONTINUING FROM CHAPTER 9 Check Amount Deposits 200.00 Check No. 150.00 W3 180U ONIONLINOO 2.075.00 4,198.00 2056 Date Explanation 8/8 Deposited Los Obrigados Lodge's payment received on account, invoice no 24 Deposited Holmes Condo's payment received on account, invoice no. 27 Paid week's wages B/10 Paid Giftco for invoice no. 616, dated August 1. Paid in full less applicable discount Deposited second week's cash sales: merchandise. $2.360.00: services. $1,340, sales tax collected, $188 80 8/15 Deposited About Face Spa's payment received on account, involce no 29 3,888.80 8754 300.00 20578/16 2058 B/18 2.075.00 395.00 8/19 268.00 8/21 5,155 20 Paid week's wages. Paid Superior Equipment for invoice no. 460B, dated July 5. Paid in full Deposited balance of lack Morgan's payment on account, invoice no. 21. Paid in full. Deposited third week's cash sales: merchandise, $2,440.00, services. $2,520.00, sales tax collected, $195.20. Pald on account to Logo Products, invoice no. 2579, dated July 1. Deposited Mini Spa's payment on account, invoice no. 35. Paid in full less applicable discount. 20598/22 2,000.00 8/23 925.38 8/23 2061 2,000.00 2062 2063 8/23 8/28 8/28 2,075.00 Paid on account to Spa Goods, invoice no 512, dated July 1. Paid week's wages. Paid month's laundry bill. Owner withdrew cash for personal use. Paid week's wages. Deposited end of month's cash sales: merchandise, $2,160.00, services, 55.00 8/30 2,000.00 8831 2.075.00 6,048.80 2065 2066 8/31 8/31 $3.716.00, sales tax, 5172 BO. Paid August telephone bill Paid on account to Spa Equipment, Inc., invoice no. 2731, dated July 3 Paid August power and water bil. 8/31 185.00 4,000.00 236.00 out You CONTINUING FROM CHAPTER 9 All About Y Sec Durchases Invoices for Merchandise Bought on Account During August All About You Spa will pay all freight costs associated with purchases of merchandise the supplier. Invoice 616 was paid within the discount period on 8/10. The emaining August purchases were not paid until September Date of Purchase Aug 1 Amount Transaction Information Bought logo merchandise from Giftcoinvoice no. 616, dated 8/1; terms 2/10. n/30 Bought bath and beauty products from Spa Magic invoice no. 3525, dated 8/1: terms 2/10,n/30 Bought logo merchandise from Logo Products, invoice no 2680, dated 8/2; terms 2/10, 1/30 Bought spa accessories from Spa Goods: Invoice no. 587, dated 8/5; terms 2/10, n/30. 2 $4,100.00 plus $180.00 freight $2,625.00 plus $155.00 freight $2,541.00 plus $144.00 freight 51.210.00 plus $110.00 freight 5 Sales Invoices for Gift Certificates Sold on Account During August All About You Spa is responsible for collecting and paying the sales tax on merchandise that it sells. The sales tax rate where All About You Spa does business is 8 percent of each sale (for example, S560.00 X 0.08 = $44.80). Invoice 25 was received within the discount period on 8/23. (Apply the discount to the invoice amount. Disregard the sales tax when calculating the discount.) The remaining August sales were not received until September Date of Sales Amount Sale Transaction Information (Before Tax) Aug. 1 About Face Spa, invoice no. 30; terms 2/10,n/45. $ 560.00 5 Chaco's, invoice no. 31; terms 2/10,n/45. 194.00 8 Holmes Condos, invoice no. 32; terms 2/10, n/45. 993.00 9 Pleasant Spa, invoice no. 33; terms 2/10,n/45 1.650.00 11 Los Obrigados Lodge, Invoice no. 34, terms 2/10,n/45 365.00 14 Mini Spa, invoice no. 35; terms 2/10,n/45. 873.00 Note: All gift certificates were redeemed for merchandise by the end of the month. CONTINUING FROM CHAPTER 9 Other August Transactions Amount There were two other transactions in August. Neither involved cash. Transaction Information Aug 9 Issued credit memorandum no. 1 to About Face Spa for an allowance Date 570.00 CONTINUING PROBLEM 168.00 29 for damaged goods Received a credit memorandum for damaged spa accessories from Spa Magic Required 1. Journalize the transactions for August, Ask your instructor whether you should use the special journals or the general journal. If you are preparing the journal entries manually enter your transactions beginning on page 11 Check Fig 3. Trial bal August $125,2 4. Schedul account total, Au $5,335. 5. Schedule accounts total, Aus $14.919 2. Post the entries to the accounts receivable, accounts payable, and general ledger. Ignore this step if you are using CLGL. 3. Prepare a trial balance as of August 31, 20-- 4. Prepare a schedule of accounts receivable as of August 31, 20. 5. Prepare a schedule of accounts payable as of August 31, 20- All About August Journal Entries Se Ms. Valli has provide Valli has provided the transactions for the month of August to be entered in system. All About You Spa does not track cash sales by customer CLGL Checkbook Register Check No. 2044 Date 8/1 Deposits Check Amount 1,500.00 8/1 513.54 8/1 Explanation Paid August rent. Deposited Chaco's payment received on account, invoice no. 25. Deposited Mini Spa's payment received on account, invoice no. 28. Paid in full Paid accumulated sales tax payable to State Revenue Dept. Paid advertising bill for August 244.08 2045 8/1 1.195.86 2046 8/2 555.00 2047 2048 8/2 8/2 2,075.00 2,718.00 2049 8/3 96.80 8/3 160.00 photo ad Paid week's wages. Paid Spa Magic for invoice no. 3503, dated June 2. Paid in full. Bought balloons for salon promotional event. Deposited balance of Tory Ligman's payment on account, invoice no. 22 Paid in full. Bought spa supplies-5 cases of bottled water for clients. Deposited Jill Anson's payment received on account Bought a digital camera for confidential before and after spa pictures Paid Office Staples for invoice 2417, 2050 8/4 65.00 75.00 8/4 386.00 2051 8/5 179.00 2052 8/5 1,318.00 2053 8/5 995.00 8/6 410.00 2054 8/6 dated July 5. Paid in full Paid Giftco for invoice no. 613, dated July 5. Paid in full. Deposited Pleasant Spa's payment received on account, invoice no. 26. Paid Golden Spa Supplies for invoice no. 1368, dated July 1. Paid in full. Deposited first week's cash sales: merchandise, $1,860.00; services, $3,350.00, sales tax collected. $148.80 5,358.80 8/7 CUUU CONTINUING FROM CHAPTER 9 Check Amount Deposits 200.00 Check No. 150.00 W3 180U ONIONLINOO 2.075.00 4,198.00 2056 Date Explanation 8/8 Deposited Los Obrigados Lodge's payment received on account, invoice no 24 Deposited Holmes Condo's payment received on account, invoice no. 27 Paid week's wages B/10 Paid Giftco for invoice no. 616, dated August 1. Paid in full less applicable discount Deposited second week's cash sales: merchandise. $2.360.00: services. $1,340, sales tax collected, $188 80 8/15 Deposited About Face Spa's payment received on account, involce no 29 3,888.80 8754 300.00 20578/16 2058 B/18 2.075.00 395.00 8/19 268.00 8/21 5,155 20 Paid week's wages. Paid Superior Equipment for invoice no. 460B, dated July 5. Paid in full Deposited balance of lack Morgan's payment on account, invoice no. 21. Paid in full. Deposited third week's cash sales: merchandise, $2,440.00, services. $2,520.00, sales tax collected, $195.20. Pald on account to Logo Products, invoice no. 2579, dated July 1. Deposited Mini Spa's payment on account, invoice no. 35. Paid in full less applicable discount. 20598/22 2,000.00 8/23 925.38 8/23 2061 2,000.00 2062 2063 8/23 8/28 8/28 2,075.00 Paid on account to Spa Goods, invoice no 512, dated July 1. Paid week's wages. Paid month's laundry bill. Owner withdrew cash for personal use. Paid week's wages. Deposited end of month's cash sales: merchandise, $2,160.00, services, 55.00 8/30 2,000.00 8831 2.075.00 6,048.80 2065 2066 8/31 8/31 $3.716.00, sales tax, 5172 BO. Paid August telephone bill Paid on account to Spa Equipment, Inc., invoice no. 2731, dated July 3 Paid August power and water bil. 8/31 185.00 4,000.00 236.00 out You CONTINUING FROM CHAPTER 9 All About Y Sec Durchases Invoices for Merchandise Bought on Account During August All About You Spa will pay all freight costs associated with purchases of merchandise the supplier. Invoice 616 was paid within the discount period on 8/10. The emaining August purchases were not paid until September Date of Purchase Aug 1 Amount Transaction Information Bought logo merchandise from Giftcoinvoice no. 616, dated 8/1; terms 2/10. n/30 Bought bath and beauty products from Spa Magic invoice no. 3525, dated 8/1: terms 2/10,n/30 Bought logo merchandise from Logo Products, invoice no 2680, dated 8/2; terms 2/10, 1/30 Bought spa accessories from Spa Goods: Invoice no. 587, dated 8/5; terms 2/10, n/30. 2 $4,100.00 plus $180.00 freight $2,625.00 plus $155.00 freight $2,541.00 plus $144.00 freight 51.210.00 plus $110.00 freight 5 Sales Invoices for Gift Certificates Sold on Account During August All About You Spa is responsible for collecting and paying the sales tax on merchandise that it sells. The sales tax rate where All About You Spa does business is 8 percent of each sale (for example, S560.00 X 0.08 = $44.80). Invoice 25 was received within the discount period on 8/23. (Apply the discount to the invoice amount. Disregard the sales tax when calculating the discount.) The remaining August sales were not received until September Date of Sales Amount Sale Transaction Information (Before Tax) Aug. 1 About Face Spa, invoice no. 30; terms 2/10,n/45. $ 560.00 5 Chaco's, invoice no. 31; terms 2/10,n/45. 194.00 8 Holmes Condos, invoice no. 32; terms 2/10, n/45. 993.00 9 Pleasant Spa, invoice no. 33; terms 2/10,n/45 1.650.00 11 Los Obrigados Lodge, Invoice no. 34, terms 2/10,n/45 365.00 14 Mini Spa, invoice no. 35; terms 2/10,n/45. 873.00 Note: All gift certificates were redeemed for merchandise by the end of the month. CONTINUING FROM CHAPTER 9 Other August Transactions Amount There were two other transactions in August. Neither involved cash. Transaction Information Aug 9 Issued credit memorandum no. 1 to About Face Spa for an allowance Date 570.00 CONTINUING PROBLEM 168.00 29 for damaged goods Received a credit memorandum for damaged spa accessories from Spa Magic Required 1. Journalize the transactions for August, Ask your instructor whether you should use the special journals or the general journal. If you are preparing the journal entries manually enter your transactions beginning on page 11 Check Fig 3. Trial bal August $125,2 4. Schedul account total, Au $5,335. 5. Schedule accounts total, Aus $14.919 2. Post the entries to the accounts receivable, accounts payable, and general ledger. Ignore this step if you are using CLGL. 3. Prepare a trial balance as of August 31, 20-- 4. Prepare a schedule of accounts receivable as of August 31, 20. 5. Prepare a schedule of accounts payable as of August 31, 20