Entertainment Inc is a retail store that rents movies and sells music CDs over the Internet The firms cash receipts for February and the general ledger accounts used to record these transactions are shown below GENERAL LEDGER ACCOUNTS 101 Cash $ 4,880 Dr 401 Sales 109 Notes Receivable 800 Dr 491 Interest Income 111 Accounts Receivable 4,035 Dr 620 Cash Short or Over 129 Supplies 530 Dr 231 Sales Tax Payable 255 Cr 301 Jason Wilson, Capital 34,000 Cr DATE TRANSACTIONS Feb 3 Received $420 from Danielle Pelzel, a credit customer, on account 5 Received a cash refund of $112 for damaged supplies 7 Had cash sales of $4,000 plus sales tax of $320 during the first week of February there was a cash shortage of $52 9 Jason Wilson, the owner, invested an additional $15,000 cash in the business 12 Received $300 from Kyela Jones, a credit customer, in payment of her account 14 Had cash sales of $3,650 plus sales tax of $292 during the second week of February there was an overage of $20 16 Received $370 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 $4,150 plus sales tax of $332 during the third week of February 25 Alfred Herron, a credit customer, sent a check for $500 to pay the balance he owes 28 Had cash sales of $3,300 plus sales tax of $264 during the fourth week of February there was a cash shortage of $28 Required Open the general ledger accounts and enter the balances as of February 1, 2019 Record the transactions in a cash receipts journal Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts Total, prove, and rule the cash receipts journal as of February 28, 2019 Post the column totals from the cash receipts journal to the proper general ledger accounts Analyze What total accounts receivable were collected in February 101 Not 2 Credit Balance Date Debit Ba 4,880 Feb 01, 2019 Feb 01, 2019 Feb 25, 2019 Feb 28, 2019 ook Accounts Receivable Account No 111 Supplies Account No 129 Date Debit Credit Balance Date Debit Credit Balance int Feb 01, 2019 Feb 01, 2019 ence Sales lax Payable Date Jason Wilson, Capital Date Account No 301 Credit Account No 231 Debit Credit Balance Debit Balance Feb 01 2019 Feb 01, 2019 Sales Account No 401 Interest Income Account No 491 Date Debit Credit Balance Date Debit Credit Balance Cash Short or Over Account No 620 Date Debit Credit Balanc 1 of 4Next we

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Entertainment Inc. is a retail store that rents movies and sells music CDs over the Internet. The firms cash receipts for February and the general

image text in transcribed Entertainment Inc. is a retail store that rents movies and sells music CDs over the Internet. The firms cash receipts for February and the general ledger accounts used to record these transactions are shown below.

GENERAL LEDGER ACCOUNTS


101	Cash	$	4,880	Dr.	401	Sales
109	Notes Receivable		800	Dr.	491	Interest Income
111	Accounts Receivable		4,035	Dr.	620	Cash Short or Over
129	Supplies		530	Dr.
231	Sales Tax Payable		255	Cr.
301	Jason Wilson, Capital		34,000	Cr.

DATE		TRANSACTIONS
Feb.	3	Received $420 from Danielle Pelzel, a credit customer, on account.
	5	Received a cash refund of $112 for damaged supplies.
	7	Had cash sales of $4,000 plus sales tax of $320 during the first week of February; there was a cash shortage of $52.
	9	Jason Wilson, the owner, invested an additional $15,000 cash in the business.
	12	Received $300 from Kyela Jones, a credit customer, in payment of her account.
	14	Had cash sales of $3,650 plus sales tax of $292 during the second week of February; there was an overage of $20.
	16	Received $370 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 $4,150 plus sales tax of $332 during the third week of February.
	25	Alfred Herron, a credit customer, sent a check for $500 to pay the balance he owes.
	28	Had cash sales of $3,300 plus sales tax of $264 during the fourth week of February; there was a cash shortage of $28.

Required:

Open the general ledger accounts and enter the balances as of February 1, 2019.

Record the transactions in a cash receipts journal.

Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts.

Total, prove, and rule the cash receipts journal as of February 28, 2019.

Post the column totals from the cash receipts journal to the proper general ledger accounts.

Analyze: What total accounts receivable were collected in February?

image text in transcribed

101 Not 2 Credit Balance Date Debit Ba 4,880 Feb 01, 2019 Feb 01, 2019 Feb 25, 2019 Feb 28, 2019 ook Accounts Receivable Account No: 111 Supplies Account No: 129 Date Debit Credit Balance Date Debit Credit Balance int Feb 01, 2019 Feb 01, 2019 ence Sales lax Payable Date Jason Wilson, Capital Date Account No: 301 Credit Account No: 231 Debit Credit Balance Debit Balance Feb 01.2019 Feb 01, 2019 Sales Account No: 401 Interest Income Account No: 491 Date Debit Credit Balance Date Debit Credit Balance Cash Short or Over Account No: 620 Date Debit Credit Balanc 1 of 4Next> we