Problem 16-5 Recording and Posting Cash Receipts River's Edge Canoe & Kayak uses special journals and an accounts receivable subsidiary ledger for recording business transactions. The accounts receivable subsidiary ledger accounts and certain general ledger accounts are included. The current account balances are recorded in the accounts Date Transactions May 21. Received $400 from Paul Drake to apply on his account, Receipt 505. 5 2. Received $2,940 from Adventure River Tours in payment of its $3,000 account less a 2% cash discount of $60, Receipt 506. 7 3. Sold old shelving (Store Equipment) for $50, Receipt 507 10 4. Wildwood Resorts sent us a check for $2.425 in payment of its account, $2,500 less a 3% cash discount of $75, Receipt 508. 15 5. Cash sales totaled $2,000 plus S100 in sales tax, Tape 20. 15 6. Bankcard sales were $3,000 plus S150 in sales tax, Tape 20. 18 7. Celeste Everett sent us a check for $150 to apply on her account, Receipt 509. 20 8. Isabel Rodriquez sent us $100 to apply on her account, Receipt 510 30 9. Cash sales were $4,500 plus $225 sales tax, Tape 21. Bankcard sales totaled $3,800 plus sales tax of $190, Tape 21. 1. Record the above transactions in the cash receipts journal. The total will be automatically calculated Cash Receipts Journal Sales Tax General Sales Credit Credit Payable Credit Date Account Name Sales Discounts Debit Cash in Bank Debit Accounts Receivable Credit 400 3,000 400 60 2,940 50 501 May 2 May 5 May 7 May 10 May 15 May 15 Paul Drake Adventure River Tours Store Equipment Wildwood Resorts Cash Sales Bankcard Sales 75 75 2,000 100 2,100 3,150 3,000 150 1. Record the above transactions in the cash receipts journal. The total will be automatically calculated. Cash Receipts Journal Sales Tax General Credit Sales Credit Payable Date Account Name Accounts Receivable Credit 400 Sales Discounts Debit Cash in Bank Debit Credit 400 M3,000 60 50 2,940 50 75 75 May 2 May 5 May 7 May 10 May 15 May 15 May 18 May 20 May 30 Paul Drake Adventure River Tours Store Equipment Wildwood Resorts Cash Sales Bankcard Sales Celeste Everett Isabel Rodriguez Cash Sales 100 2,000 3,000 2,100 3,150 150 4,500 225 4,725 Totals 50 9,500 475 3,400 135 13,440 2. Post the amounts from the Accounts Receivable Credit column to the customers' accounts in the accounts receivable subsidiary ledger. Post the individual amounts in the General Credit column to the general ledger accounts. The balances will be automatically calculated General Ledger 2. Post the amounts from the Accounts Receivable Credit column to the customers' accounts in the accounts receivable subsidiary ledger. Post the individual amounts in the General Credit column to the general ledger accounts. The balances will be automatically calculated General Ledger Cash in Bank Balance Date Debit Credit Debit Credit Description Balance May 1 7,500 Accounts Receivable Balance Date Debit Credit Debit Credit Description Balance May 1 6,900 Store Equipment Balance Debit Credit Debit Credit Date May 1 Description Balance 3,000 Sales Tax Payable Balance Date Description Debit Credit Debit Credit And DALARA Sales Tax Payablo Balance Date Debit Credit Debit Credit Description Balance May 1 250 Sales Date Debit Credit Debit Description Balance Balance Credit 40,000 May 1 Sales Discounts Balance Credit Date Debit Credit Debit Description Balance 1,200 May 1 May 7 50 1,150 Accounts Receivable Subsidiary Ledger Adventure River Tours Balance Date Debit Credit Debit Credit Description Balance May 1 May 5 3,000 0 3,000 Paul Drake Paul Drake Balance Date Debit Credit Debit Credit Description Balance 800 May 1 May 2 400 400 Celeste Everett Date Debit Credit Debit Description Balance Balance Creditt 400 May 1 Isabel Rodriguez Balance Date Description Debit Credit Debit Credit May 1 Balance 200 Wildwood Resorts Balance Date Debit Credit Debit Credit Description Balance May 1 2,500 3. Prepare a schedule of accounts receivable. The total will be automatically calculated. River's Edge Canoe & Kayak Schedule of Accounts Receivable May 31, 20- Total Accounts Receivable 0 4. Identify the source document that would be used to record bankcard sales and cash sales. Cash register tape O Bank register tape Customer register tape O Accounts register tape