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Car Geek is a retail store that sells car care products over the Internet. The firm's cash receipts for February and the general ledger accounts
Car Geek is a retail store that sells car care products over the Internet. The firm's cash receipts for February and the general ledger accounts used to record these transactions are shown below.
GENERAL LEDGER ACCOUNTS
tableCash,,,,Notes receivable,$SalesAccounts receivable,tableDrInterest incomeSupplies,tableCash short or overSales tax payable,tabletableKen Sato, Capital,
DATE TRANSACTIONS
Feb. Received $ from Kelly stott, a credit customer, on account.
Received a cash refund of $ for damaged supplies.
Had cash sales of $ plus sales tax of $ during the first week of February; there was a cash shortage of $
Ken Sato, the owner, invested an additional $ cash in the business.
Received $ from Jamie Garrison, a credit customer, in payment of her account.
Had cash sales of $ plus sales tax of $ during the second week of February; there was an overage of $
Received $ from Michael Hunt, a credit customer, to apply toward his account.
Received a check from Kay Pitts to pay her $ promissory note plus interest of $
Had cash sales of $ plus sales tax of $ during the third week of February.
Al Harris, a credit customer, sent a check for $ to pay the balance he owes.
Had cash sales of $ plus sales tax of $ during the fourth week of February; there was a cash shortage of $
Required:
Open the general ledger accounts and enter the balances as of February
Record the transactions in a cash recelpts journal.
Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts.
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