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EXERCISE 10-2A SALES TRANSACTIONS AND T ACCOUNTS Using T accounts for cash, Accounts Receivable, Sales Tax Payable, Sales Returns and Allowances, and Sales Discounts, enter the fallowing sales transactions. Use a new set of accounts for each part, 1-5 1. No sales Tax a. Merchandise is sold for $320 cash b. Merchandise is sold on account for $385. c. Payment is received for merchandise sold on account 2. 5% sales tax a. Merchandise is sold for $ 320 cash plus sales tax. b. Merchandise is sold on account for $ 385 plus tax. c. Payment is received for merchandise sold on account. 3. Cash and credit sales, with returned merchandise a. Merchandise is sold for $340 cash b. $30 of merchandise is sold for $340 is returned for refund. c. Merchandise is sold on account for $280 d. $25 of merchandise sold for $ 280 is returned for a credit. e. Payment is received for the balance owed on merchandise sold on account. 4. 5% sales tax, with returned merchandise. a. Merchandise is sold on account for $400 plus sales tax. b. Merchandise sold on account for $60 plus sales tax is returned for a credit. c. Balance on account is received in cash. d. Merchandise is sold for $260 cash plus sales tax e. $40 of merchandise sold for $260 cash plus sales tax is returned for a refund. 5. Sales on account, with 2/10, n/30 cash discount terms a. Merchandise is sold on account for $450. b. The balance is paid within the discount period. c. Merchandise is sold on account for $280. d. The balance is paid after the discount period. 1. Cash Sales Tax Payable Accounts Receivable Sales Sales Returns & Allowances Sales Discounts 2. Cash Accounts Receivable Sales Tax Payable Sales Sales Returns & Allowances Sales Discounts 3. Cash Sales Tax Payable Accounts Receivable Sales Sales Returns & Allowances Sales Discounts 4. Cash Accounts Receivable Sales Tax Payable Sales Sales Returns & Allowances Sales Discounts 5. Cash Accounts Receivable Sales Tax Payable Sales Sales Returns & Allowances Sales Discounts PROBLEM 10-11A SALES AND CASH RECEITS TRASACTIONS Sourk Distributors is a retail business. The fallowing sales, returns, and cash receipts occurred during March 20, 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,586; and Accounts Receivable, $1,016. Beginning customer account balances include Whitaker group, $1,016. Mar. 1 Sale on account No 33C to Donachie & Co., $1,700 plus sales tax. 3 Sale on account No. 33D to R.J. Kibubu, Inc. $2,190 plus sales tax. 5 Donachie & Co. returned merchandise from the sale No. 33C for a credit (Credit memo No 66), $40 plus sales tax 7 cash sales for the week were $ 3,140 Plus sales tax 10 Received payment from Donachie & Co. for Sale No. 33C less Credit Memo No. 66 11 Sale on account No. 33E to Eck Bakery, $1,230 plus sales tax 13 Received payment from R.J. Kibubu for sale No. 33D 14 cash sales for the week were $4,100 plus sales tax. 16 Eck Bakery returned merchandise from the Sale No. 33E for a credit (Credit memo No. 67), $34 plus sales tax. 18 Sale on account No. 33F to R.J. Kibubu, Inc., $2,580 pluse sales tax. 20 Received payment from Eck Bakery for sale No. 33E less Credit Memo No. 67 21 Cash sales for the week were $2,510 plus sales tax 25 Sale on account No. 33G to Eck Bakery, $2,010 plus sales tax. 27 Sale on account No. 33H to Whitaker Group, $2,070 plus sales tax. 28 Cash sales for the week were $3,420 plus sales tax Required 1. Record the transaction starting on page 7 of the general journal. 2. Post from the journal to the ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. 1. GENERAL JOURNAL DATE DESCRIPTION PAGE POST. REF. DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 Problem 10-11A (Continued) GENERAL JOURNAL DATE DESCRIPTION PAGE POST. REF. DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 Problem 10-11A (Continued) GENERAL JOURNAL DATE PAGE POST. REF. DESCRIPTION DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 2. GENERAL LEDGER ACCOUNT DATE Cash ACCOUNT NO. ITEM POST. REF. DEBIT CREDIT 101 BALANCE DEBIT CREDIT Problem 10-11A (Continued) ACCOUNT DATE ACCOUNT DATE Accounts Receivable ITEM POST. REF. ACCOUNT NO. DEBIT CREDIT BALANCE DEBIT Sales Tax Payable ITEM POST. REF. CREDIT ACCOUNT NO. DEBIT CREDIT 122 231 BALANCE DEBIT CREDIT Problem 10-11A (Continued) ACCOUNT DATE ACCOUNT DATE Sales ACCOUNT NO. ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT Sales Returns and Allowances ITEM POST. REF. CREDIT ACCOUNT NO. DEBIT CREDIT 401 401.1 BALANCE DEBIT CREDIT ACCOUNTS RECEIVABLE LEDGER NAME Donachie & Co. ADDRESS 1424 Jackson Creek Road, Nashville, IN 47448-2245 DATE ITEM POST. REF. DEBIT CREDIT BALANCE Problem 10-11A (Concluded) NAME Eck Bakery ADDRESS 6422 E. Bender Road, Bloomington, IN 47401-7756 DATE ITEM POST. REF. DEBIT CREDIT BALANCE NAME R. J. Kibubu, Inc. ADDRESS 3315 Longview Avenue, Bloomington, IN 47401-7223 DATE ITEM POST. REF. DEBIT CREDIT BALANCE NAME Whitaker Group ADDRESS 2300 E. National Road, Cumberland, IN 46229-4824 DATE ITEM POST. REF. DEBIT CREDIT BALANCE PROBLEM 10-12A SCHEDULE OF ACCOUNTS RECIEVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31,20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total. Schedule of Accounts Receivable EXERCISE 11-3A PURCHASE TRANSACTIONS AND T ACCOUNTS Using T accounts for Cash, Accounts Payable, Purchases, Purchase Returns and Allowances, Purchase Discounts, and Freight-In, enter the fallowing transactions. Identify each transaction with its corresponding letter. Use a new set of T accounts for each set of transactions, 1-4. 1. Purchase of merchandise with cash. a. Merchandise is purchased for cash, $ 1,500. b. Merchandise listed at $3,500, less a trade discount of 15%, is purchased for cash. 2. Purchase of merchandise on account with credit terms. a. Merchandise is purchased on account , credit terms 2/10, n/30, $2,000 b. Merchandise is purchased on account, credit terms 3/10, n/30, $1,200 c. Payment is made on Invoice (a) with in the discount period. d. Payment is made on invoice (b) too late to receive the cash discount. 3. Purchase of merchandise on account with return of merchandise. a. Merchandise is purchased on account, credit terms 2/10, n/30, $4,000. b. Merchandised is returned for credit before payment is made, $500. c. Payment is made with in the discounted period. 4. Purchase of merchandise with freight-in. a. Merchandise is purchased on account, $2,500 plus freight charges of $100. Terms of the sale were FOB shipping point. b. Payment is made for the cost of merchandise and the freight charge. 1. Cash Accounts Payable Purchases Purchases Returns & Allowances Purchase Discounts Freight In 2. Cash Accounts Payable Purchases Purchases Returns & Allowances Purchase Discounts Freight In 3. Cash Accounts Payable Purchases Purchases Returns & Allowances Purchase Discounts Freight In 4. Cash Accounts Payable Purchases Purchases Returns & Allowances Purchase Discounts Freight In PROBLEM 11-11A PRURCHASE AND CASH PAYMENTS TRANSACTIONS Emily Frank owns a small retail business called Frank's Fantasy. The cash account has a balance of $ 21,000 on July 1. The following transactions occurred during July: July 1 Issued check No. 414 in payment of July rent, $2,500. 1 Purchase merchandise on account from Tilly's Toys, Invoice No. 311, $2,800, Terms 2/10, n/30 3 Purchased merchandise on account from Scheer & Company Invoice No. 812, $ 3,300, terms, 1/10, n/30 5 Returned merchandise on account from Tilly's Toys, receiving a credit memo on the amount owed, $300, 8 Purchased merchandise from Donna's Dolls, Invoice No. 139, $ 2,900, terms 2/10, n/30 11 Issued check No. 415 to Tilly's toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13 Issued Check No. 416 to Scheer & Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Donna's Dolls, receiving a credit memo on the amount owed, $350. 18 Issued check No. 417 to Donna's Dolls, for merchandise purchased on account, less return of July 15 and less the 2% discount. 25 Purchased merchandise on account from applied Business, Invoice No. 489, $2,650, Terms n/30 26 Purchased merchandise on account from Tilly's Toys, Invoice No. 375, $2,180, Terms 2/10, n/30. 29 Purchased merchandise on account from Scheer & Company, Invoice No. 883, $3,560, terms 1/10, n/30. Required 1. Enter the transactions starting with page 16 of a general journal. 2. Post from the journal to the general ledger and accounts payable ledger accounts. Use general ledger account numbers shown in this chapter. 1. GENERAL JOURNAL DATE DESCRIPTION PAGE POST. REF. DEBIT 16 CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 Problem 11-11A (Continued) GENERAL JOURNAL DATE DESCRIPTION PAGE POST. REF. DEBIT 17 CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 Problem 11-11A (Continued) 2. GENERAL LEDGER ACCOUNT DATE ACCOUNT DATE Cash ACCOUNT NO. ITEM POST. REF. DEBIT CREDIT BALANCE DEBIT Accounts Payable ITEM POST. REF. CREDIT ACCOUNT NO. DEBIT CREDIT 101 202 BALANCE DEBIT CREDIT Problem 11-11A (Continued) ACCOUNT DATE ACCOUNT DATE ACCOUNT DATE ACCOUNT DATE Purchases ITEM ACCOUNT NO. POST. REF. DEBIT CREDIT BALANCE DEBIT Purchases Returns and Allowances ITEM POST. REF. DEBIT POST. REF. CREDIT CREDIT ACCOUNT NO. POST. REF. DEBIT CREDIT 501.2 BALANCE DEBIT Rent Expense ITEM CREDIT ACCOUNT NO. DEBIT 501.1 BALANCE DEBIT Purchases Discounts ITEM CREDIT ACCOUNT NO. CREDIT 501 521 BALANCE DEBIT CREDIT Problem 11-11A (Concluded) ACCOUNTS PAYABLE LEDGER NAME Applied Business ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE POST. REF. DEBIT CREDIT BALANCE POST. REF. DEBIT CREDIT BALANCE POST. REF. DEBIT CREDIT BALANCE NAME Donna's Dolls ADDRESS DATE ITEM NAME Scheer & Company ADDRESS DATE ITEM NAME Tilly's Toys ADDRESS DATE ITEM PROBLEM 11-12A SCHEDULE OF ACCOUNTS PAYABLE Based on the information provided in problem 11-11A, prepare a schedule of accounts payable for Frank's Fantasy as of July 31, 20--. Verify that the accounts payable balance in the general ledger agrees with the schedule of accounts payable total. Schedule of Accounts Payable a Account Cash Sales Debit Credit 320 320 Accounts receivable Sales 385 Cash Accounts receivablke 385 2 Cash Sales Sales tax payable 385 385 336 320 16 Accounts receivable Sales Sales tax payable 404.25 Cash Accounts receivable 404.25 3 Cash Sales Sales return and allowance Cash Accounts receivable Sales Sales return and allowance Accounts receivable 385 19.25 404.25 340 340 30 30 280 280 25 25 Cash Accounts receivable 255 4 Accounts recewivable Sales sales tax payable 420 Sales return and allowance Sales tax payable Accounts receivable Cash Accounts receivable 255 400 20 60 3 63 357 357 Cash Sales Sales tax payable 273 260 13 Sales return and allowance Sales tax payable Cash 40 2 42 5 Accounts receivable Sales 1 450 450 Cash Sales discount Accounts receivable 441 9 Accounts receivable Sales 280 Cash Accounts receivable 280 450 280 280 Cash 320 385 Accounts receivable 385 2 385 Cash 336 404.25 Accounts receivable 404.25 404.25 3 Cash 340 255 30 280 25 255 357 273 42 420 63 357 Accounts receivable 4 Cash Accounts receivable 5 Cash 441 280 Accounts receivable 450 280 450 280 Sales tax payable Sales 320 385 Sales discount Sales tax payable 16 19.25 Sales discount Sales return and allowances Sales 320 385 Sales return and allowances Sales tax payable Sales 340 280 Sales discount Sales tax payable 3 20 2 13 Sales return and allowances 25 Sales 400 260 Sales discount Sales return and allowances 60 40 Sales tax payable Sales 450 280 Sales discount 9 Sales return and allowances 60 40 Account 1 Accounts receivable Sales Sales tax payable 3 Accounts receivable Sales Sales tax payable 5 Sales returna nd allowance Sales tax payable Accounts receivable 7 Cash sales Sales tax payable Debit Credit 1836 1700 136 3890 1700 2190 40 3.2 43.2 3391.2 3140 251.2 10 Cash Accounts receivable 1792.8 11 Accounts receivable Sales Sales tax payable 1328.4 1792.8 1230 98.4 13 Cash Accounts receivable 3890 14 Cash sales Sales tax payable 4428 16 Sales returna nd allowance Sales tax payable Accounts receivable 3890 4100 328 34 3.2 37.2 18 Accounts receivable Sales Sales tax payable 2786.4 20 Cash Accounts receivable 1291.2 21 Cash sales Sales tax payable 2710.8 2580 206.4 1291.2 2510 200.8 25 Accounts receivable Sales Sales tax payable 2170.8 27 Accounts receivable Sales Sales tax payable 2235.6 28 Cash sales Sales tax payable 3693.6 2010 160.8 2070 165.6 3420 273.6 Accounts receivable Beginning balance Eck Bakery Rj Kibubu Whitaker group 1016 2170.8 2786.4 2235.6 Total 8208.8 Account Purchases Cash debit Credit 1500 1500 Purchases Purchase discount Cash 3500 525 2 Purchases Accounts payable 2000 Purchases Accounts payable 1200 Accounts payable Purchase discount cash 2000 Accounts payable Cash 1200 3 Purchases Accounts payable 4000 Accounts payable Purchase return 500 2975 2000 1200 40 1960 1200 4000 500 Accounts payable Purchase discount Cash 3500 4 Purchases Freight in Accounts payable 2500 100 Accounts payable Cash 2600 70 3430 2600 2600 Date Account Debit Credit Jul-01 Rent expen 2500 Cash 2500 2 Purchases 2800 Accounts payable 2800 3 Purchases 3300 Accounts payable 3300 5 Accounts p 300 Purchase return and 300 8 Purchases 2900 Accounts payable 2900 11 Accounts p 2500 Purchase discount Cash 50 2450 13 Accounts p 3300 Purchase discount Cash 33 3267 15 Accounts p 350 Purchase return and 350 18 Accounts p 2550 Purchase discount Cash 51 2499 25 Purchases 2650 Accounts payable 2650 26 Purchases 2180 Accounts payable 2180 Purchases 3560 Accounts payable 3560 Schedule of Accounts payable Applies bus 2650 Tilly toys 2180 Scheer an 3560 Total 8390 a Account Cash Sales Debit Credit 320 320 Accounts receivable Sales 385 Cash Accounts receivablke 385 2 Cash Sales Sales tax payable 385 385 336 320 16 Accounts receivable Sales Sales tax payable 404.25 Cash Accounts receivable 404.25 3 Cash Sales Sales return and allowance Cash Accounts receivable Sales Sales return and allowance Accounts receivable 385 19.25 404.25 340 340 30 30 280 280 25 25 Cash Accounts receivable 255 4 Accounts recewivable Sales sales tax payable 420 Sales return and allowance Sales tax payable Accounts receivable Cash Accounts receivable 255 400 20 60 3 63 357 357 Cash Sales Sales tax payable 273 260 13 Sales return and allowance Sales tax payable Cash 40 2 42 5 Accounts receivable Sales 1 450 450 Cash Sales discount Accounts receivable 441 9 Accounts receivable Sales 280 Cash Accounts receivable 280 450 280 280 Cash 320 385 Accounts receivable 385 2 385 Cash 336 404.25 Accounts receivable 404.25 404.25 3 Cash 340 255 30 280 25 255 357 273 42 420 63 357 Accounts receivable 4 Cash Accounts receivable 5 Cash 441 280 Accounts receivable 450 280 450 280 Sales tax payable Sales 320 385 Sales discount Sales tax payable 16 19.25 Sales discount Sales return and allowances Sales 320 385 Sales return and allowances Sales tax payable Sales 340 280 Sales discount Sales tax payable 3 20 2 13 Sales return and allowances 25 Sales 400 260 Sales discount Sales return and allowances 60 40 Sales tax payable Sales 450 280 Sales discount 9 Sales return and allowances 60 40 Account 1 Accounts receivable Sales Sales tax payable 3 Accounts receivable Sales Sales tax payable 5 Sales returna nd allowance Sales tax payable Accounts receivable 7 Cash sales Sales tax payable Debit Credit 1836 1700 136 3890 1700 2190 40 3.2 43.2 3391.2 3140 251.2 10 Cash Accounts receivable 1792.8 11 Accounts receivable Sales Sales tax payable 1328.4 1792.8 1230 98.4 13 Cash Accounts receivable 3890 14 Cash sales Sales tax payable 4428 16 Sales returna nd allowance Sales tax payable Accounts receivable 3890 4100 328 34 3.2 37.2 18 Accounts receivable Sales Sales tax payable 2786.4 20 Cash Accounts receivable 1291.2 21 Cash sales Sales tax payable 2710.8 2580 206.4 1291.2 2510 200.8 25 Accounts receivable Sales Sales tax payable 2170.8 27 Accounts receivable Sales Sales tax payable 2235.6 28 Cash sales Sales tax payable 3693.6 2010 160.8 2070 165.6 3420 273.6 Accounts receivable Beginning balance Eck Bakery Rj Kibubu Whitaker group 1016 2170.8 2786.4 2235.6 Total 8208.8 Account Purchases Cash debit Credit 1500 1500 Purchases Purchase discount Cash 3500 525 2 Purchases Accounts payable 2000 Purchases Accounts payable 1200 Accounts payable Purchase discount cash 2000 Accounts payable Cash 1200 3 Purchases Accounts payable 4000 Accounts payable Purchase return 500 2975 2000 1200 40 1960 1200 4000 500 Accounts payable Purchase discount Cash 3500 4 Purchases Freight in Accounts payable 2500 100 Accounts payable Cash 2600 70 3430 2600 2600 Date Account Debit Credit Jul-01 Rent expen 2500 Cash 2500 2 Purchases 2800 Accounts payable 2800 3 Purchases 3300 Accounts payable 3300 5 Accounts p 300 Purchase return and 300 8 Purchases 2900 Accounts payable 2900 11 Accounts p 2500 Purchase discount Cash 50 2450 13 Accounts p 3300 Purchase discount Cash 33 3267 15 Accounts p 350 Purchase return and 350 18 Accounts p 2550 Purchase discount Cash 51 2499 25 Purchases 2650 Accounts payable 2650 26 Purchases 2180 Accounts payable 2180 Purchases 3560 Accounts payable 3560 Schedule of Accounts payable Applies bus 2650 Tilly toys 2180 Scheer an 3560 Total 8390