Question
Owens Distributors is a retail business. The following sales returns and cash receipts occurred during March 20--. There is a 6% sales tax. Beginning general
Owens Distributors is a retail business. The following sales returns and cash receipts occurred during March 20--. There is a 6% sales tax. Beginning general ledger account balances were Cash, $9,741; and Accounts Receivable, $1,058.25. Beginning customer account balances were Thompson Group, $1,058.25.
Mar. 1. Sold Merchandise to Able & Co., $1,800, plus sales tax. Sale No. 33C.
3. Sold merchandise to R. J. Kalas, Inc., $2,240, plus sales tax. Sale No. 33D
5. Able & Co. returned merchandise from sale No. 33C for a credit (credit memo No. 66), $30, plus sales tax.
7. Made cash sales for the week, $3,160, plus sales tax.
10. Received payment from Able & Co. for sale No. 33C less credit memo No. 66.
11. Sold Merchandise to Blevins Bakery, $1,210, plus sales tax. Sale No. 33E.
14. Made cash sales for the week, $4,200, plus sales tax.
16. Blevins Bakery returned merchandise from Sale No. 33E for a credit (credit memo No. 67), $44, plus tax.
18. Sold merchandise to R.J. Kalas, Inc., $2,620, plus sales tax. Sale No. 33F.
20. Received payment from Blevins Bakery for Sale No. 33E less credit memo No. 67.
21. Made cash sales for the week, $2,400, plus sales tax.
Problem 12-8A SALES JOURNAL PAGE 6 SALES TAX PAYNLE SNE Mar. 33C 330 11 33E 18 33F 25 33G 27 33H 1 ! Totals 231 Accounts Receivable Debit Credits: Sales Sales Tax Total CASH RECEIPTS JOURNAL PAcE 9 SALES TAX POSTI GENERAL RECEN EIVABLE 10 Able & Co chStep by Step Solution
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