Problem 14-6 Posting Sales and Cash Receipts The January transactions for InBeat CD Shop are recorded in the general journal. Credit Date General Journal Jan. 1 Cash in Bank Sales Discounts Accts. Rec./Alicia Alvarez Debit 388 12 400 735 4 Accts. Rec./Dena Greenburg Sales Sales Tax Payable 700 35 2,100 6 Cash in Bank Sales Sales Tax Payable 2,000 100 3,150 6 Cash in Bank Sales Sales Tax Payable 3,000 150 8 Sales Returns and Allowances Sales Tax Payable Accts. Rec./Dena Greenburg 700 35 735 10 Cash in Bank Sales Discounts Accts. Rec./Joe Montoya 1,358 42 1,400 420 15 Accts. Rec./Alicia Alvarez Sales Sales Tax Payable 400 20 27 Cash in Bank Accts. Rec/Chelsea Wright 1,365 1,365 1. Post the transactions to the general ledger. The account balances will be automatically calculated. General Ledger Cash in Bank Balance Date Description Debit Credit Debit Credit Jan 1 Balance 4,700 Accounts Receivable Balance Date Debit Credit Debit Credit Description Balance Jan 1 3,875 Sales Tax Payable Ralanca Sales Tax Payable Balance Date Description Debit Credit Debit Credit Balance 200 Jan 1 Sales Balance Date Description Debit Credit Credit Debit 8,885 Jan 1 Balance Sales Discounts Balance Debit Credit Debit Date Description Credit 150 Jan 1 Balance Sales Discounts Balance Date Debit Credit Debit Credit Description Balance Jan 1 150 Sales Returns and Allowances Balance Date Debit Credit Debit Credit Description Balance Jan 1 360 Accounts Receivable Subsidiary Ledger Alvarez, Alicia Balance Date Debit Credit Debit Credit Description Balance Jan 1 400 Greenburg, Dena Balance cardit Date Description Debit Credit Debit Jan 1 Balance 500 Greenburg, Dena Balance Date Description Debit Credit Debit Credit Jan 1 Balance 500 Montoya, Joe Balance Date Debit Credit Debit Credit Description Balance Jan 1 1,400 Wright, Chelsea Balance Date Description Debit Credit Debit Credit Jan 1 Balance 1,575 2. Identify the customer with the highest balance at the end of January Problem 14-7 Recording Sales and Cash Receipts Shutterbug Cameras had the following transactions during January. The partial chart of accounts for Shutterbug is shown here, General Ledger Cash in Bank Accounts Receivable Supplies Sales Tax Payable Sales Sales Discounts Sales Returns and Allowances Accounts Receivable Subsidiary Ledger DIA Diaz, Arturo FAS FastForward Productions NAK Nakata, Yoko SUL Sullivan, Heather Date Transactions Jan 1 1. Sold merchandise on account to Yoko Nakata for $250 plus a 4% sales tax of $10, Sales Slip 90 3 2. Received $50 in cash from the sale of supplies to Betty's Boutique, Receipt 2012 73. Sold $300 in merchandise plus a sales tax of $12 to Arturo Diaz on account Sales Slip 91. 124. Sold on account $1.500 in merchandise plus a sales tax of $60 to FastForward Productions, credit terms 2/10, n/30, Sales Slip 92. 135. Issued Credit Memorandum 20 for $312 to Arturo Diaz, which includes $300 in merchandise returned by him plus sales tax of $12. 14 6. Received a check for $260 from Yoko Nakata in full payment of his account, Receipt 202, 15 7. Cash sales amounted to $2,500 plus $100 in sales tax. Tape 75. 15 8. Bankcard sales were $3,000 plus $120 in sales tax, Tape 75. 21 9. Received a check for $1,530 from FastForward Productions in payment of their 560 account balance less a cash discount of $30, Receipt 203, 28 10. Granted Heather Sullivan a $104 allowance for damaged merchandise of $100 plus a 4% sales tax of $4, Credit Memorandum 21. 1. Record the above transactions in the general journal. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold merchandise on account to Yoko Nakata for $250 plus a 4% sales tax of $10, Sales Slip 90. Note: debits before credits. Date General Journal Debit Credit Jan. 1 Record entry Clear entry View general Journal Problem 14-8 Recording Sales and Cash Receipt Transactions River's Edge Canoe & Kayak is a merchandising business in Wyoming. The partial chart of accounts follows: General Ledger Cash in Bank Accounts Receivable Supplies Sales Tax Payable Sales Sales Discounts Sales Returns and Allowances Accounts Receivable Subsidiary Ledger ADV Adventure River Tours DRA Drake, Paul WILD WU Wildwood Resorts Wu, Kim Date Transactions Jan 1 1. Sold $2,000 in merchandise on account to Wildwood Resorts, a tax-exempt agency, credit terms 3/15, n/30, Sales Slip 103, 5 2. Granted Wildwood Resorts a $150 credit allowance for defective merchandise, Credit Memorandum 33. 8 3. Received $485 from Adventure River Tours for $500 in merchandise sold to it on Dec. 27 less a 3% cash discount of $15. Receipt 96. 104. Sold $500 in merchandise plus a 5% sales tax of $25 to Paul Drake on account, credit terms 3/15. n/30, Sales Slip 104, 12 5. Received a check for $1,794,50 from Wildwood Resorts on account ($1.850 less a 3% cash discount of $55.50), Receipt 97 15 6. Cash sales were $3.500 plus sales tax of $175, Tape 22 15. 7. Bankcard sales amounted to $4,000 plus sales tax of $200) Tape 22 20 8. Sold to Adventure River Tours $75 in supplies. Cash received recorded on Receipt 98. 229. Granted Kim Wu $63 credit for $60 in damaged merchandise sold to her last month and 5% sales tax of $3 on the merchandise Credit Memorandum 34, 25 10. Paul Drake sent a check for $510 in payment of his account. The account balance was $525 ($500 in merchandise and $25 sales tax) He took a 3% cash discount of $15 on the merchandise, Receipt 99. 1. Record the above transactions in the general journal. View transaction list Journal entry worksheet 1 N 3 4 5 6 7 8 9 10 Sold $2,000 in merchandise on account to Wildwood Resorts, a tax-exempt agency, credit terms 3/15, n/30, Sales Slip 103. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 1 Record entry Clear entry View general Journal Problem 14-9 Recording and Posting Sales and Cash Receipts The partial chart of accounts for Buzz Newsstand is shown here. General Ledger 101 Cash in Bank 115 Accounts Receivable 135 Supplies 215 Sales Tax Payable 401 Sales 405 Sales Discounts 410 Sales Returns and Allowances Accounts Receivable Subsidiary Ledger ADK Adkins, Lee JAV Java Shops Inc. NAD ROL Nadal, Saba Rolling Hills Pharmacies BUZZ NOLIO REWETANO Tuo FIE AL X CREDIT MEMORANDUM ORIGINAL GROWL SMS DATE SWR 12/28 75 OT DENON 200 Magazines KIH DATE January 1, 20 AMOUNT 200 00 BUZZ RECEPT NEWSSTAND Union Terminal Building 2101 No. 76 R.COM, WA 93402 Tanmar. 20 20 RECEIVED FROM aw Shops Inc. 170.00 One Constand four Inouired sewerty and 100- DOLLARS FOR LON A WIL w ADORES Lee Addres 720 Dogwood Lane Searde, WA 98101 TRI 200100 REASON FORBETUAM damaged THE TUTAL SHATTHE HIIT WLL CREDITED TUTORIDOLINT SALGS Lee Adkins 12100 RECENED BY_Katin Harper CUSTOMER SQUATURE 21200 BUZZ RECEPT NEWSSTAND No. 75 Union Terminal Building. 101 Tacoma, WASBA January 3 20 RECEIVED FROM Rollins Hills Pharmacies 3 2254.00 DOLLARS Two thousand two hundred fiffon and/100 FOR on account BUZZ NEWSSTAND In buildeg, HOH TARIMAS 2 DATE: January 2, 20... NO. Pawan Sheps, be SOLD TO 1992 Country Plave Tecom, W98002 CLERK CASH CHARGE TERMS BA BORO UNIT IOTY DESCRIPTION PAUCE AMOUNT 14 ca Magazines 1,40000 Retracie RS 15.09 is og RECEIVED BY Kathy Harper BUZZ NEWSSTAND won 101 di WAWI DATE December 27 20 NOZ SUBTOTAL BALES TAXI SON 192 BUSTUTAL SALES TAX 1.41509 8491 1. SOO 00 COPY TOTAL Thank You! BUZZ NEWSBTAND Shin wird H61 DATE December 27, 20__ Na 73 Rolling His Pharmacie SOLD TO 16 Meadow Lane Tacoma, WA 98.402 CLERK CASH CHARGE TERMS BA 2/10,n30 UNIT QTY. DESCRIPTION PRICE AMOUNT 21 a Mayurines 100 2,100.00 Rack 6981 Jan. 15 Tape 25 2,500.00 150.00 CA ST SUBTOTAL 2,16981 SALES TAX 12019 TOTAL 2,30000 COPY Thank You! BUZZ NO. 11 NEPAL NEWSTAWO UT 1400 X HD CREDIT MEMORANDUM ORNAM GML BAD DATE SALES SUR 12/29 77 OTY DCNCRETO 2 Manazine racks KH Jan. 15 Tape 25 DE January 7, 20__ ABOUT 300100 NAME ACESSE Sab Nadal 943 Prachte Drive Spokane, WA 99210 2,000.00 BCS 120.00 ST REABOR FORGIAN wrong size THE TOTAL SHOWN AITHE ROIT MEERUITED TOYORADOUNT TUL SALS 200.00 18.00 Saha Nadal CUSTOMER SIGNATURE TON 318.00 BUZZ RECEIPT NEWSSTAND Union Terminal Buildng. 7101 No. 77 Ticom, WA 98402 January 20 20 = RECEIVED FROM artson Lee $ 40.00 Forty and/100 DOLLARS FOR supplies RECEIVED BY Kathy Harper BUZZ NEWSSTAND Union Termnal Bolding HOI TO WA 18402 DATE January 31, 20 NO. 114 Rottine Hill Pharmacies BOLD 16 Meadow Lane TO Tacoma, WA 98402 CLERK CASH CHAROE TERMO BA 2/10, 1/30 UNIT OTV DESCRIPTION PRICE AMOUNT 20 Magari 100 3.000 100 BA RECENED BY Kathry Harper 2/10, 1/30 UNIT PRICE GTY DESCRIPTION 30 s Magazine AMOUNT 3,000.00 lody 17BUZZ Panton, with reading P101 NEWSSTAND RECEPT No. 78 20= January 25 $_636.00 RECEIVED FROM Lee Adkins Six Jaundred thirty-six and 00/100 SUBTOTAL BALES TAX TOTAL 2.000 100 180 100 3.18000 COPY DOLLARS Thank You! FORON account RECEIVED BY Kathy Harper 1. Use the source documents to record the transactions in the general journal. View transaction Ilst Journal entry worksheet Lee Adkins returned $200 in damaged merchandise purchased on account last month. Issued Credit Memorandum 10 for $212 ($200 in merchandise plus 6% sales tax of $12). Note: Enter debits before credits. Date General Journal Debit Credit Jan. 1 1. Use the source documents to record the transactions in the general journal. View transaction list Journal entry worksheet