Problem 9.1A Journalizing cash receipts and posting to the general ledger. LO 9-1, 9-2, 9-3 Entertainment Inc. is a retail store that rents movies and sells music CDs over the Internet. The firm's cash receipts for February and the general ledger accounts used to record these transactions are shown below. GENERAL LEDGER ACCOUNTS 101 Cash $ 5,060 Dr. 401 Sales 109 Notes Receivable 900 Dr. 491 Interest Income 111 Accounts Receivable 4, 125 Dr. 620 Cash Short or Over 129 Supplies 710 Dr. 231 Sales Tax Payable 345 Cr. 301 Jason Wilson, Capital 35,000 Cr. DATE TRANSACTIONS Feb. 3 Received $600 from Danielle Pelzel, a credit customer, on account. 5 Received a cash refund of $130 for damaged supplies. 7 Had cash sales of $5,800 plus sales tax of $464 during the first week of February; there was a cash shortage of $70. 9 Jason Wilson, the owner, invested an additional $16,000 cash in the business. 12 Received $480 from Kyela Jones, a credit customer, in payment of her account. 14 Had cash sales of $4,550 plus sales tax of $364 during the second week of February; there was an overage of $38. 16 Received $550 from Sadie Nelson, a credit customer, to apply toward her account. 19 Received a check from Ketura Pittman to pay her $900 promissory note plus interest of $36. 21 Had cash sales of $5,050 plus sales tax of $404 during the third week of February 25 Alfred Herron, a credit customer, sent a check for $680 to pay the balance he Owes. 28 Had cash sales of $5,100 plus sales tax of $408 during the fourth week of February; there was a cash shortage of $46. Required: 1. Open the general ledger accounts and enter the balances as of February 1, 2019 2. Record the transactions in a cash receipts journal. 3. Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts. 4. Total, prove, and rule the cash receipts journal as of February 28, 2019. 5. Post the column totals from the cash receipts journal to the proper general ledger accounts. Analyze: What total accounts receivable were collected in February? General Ledgers Cash Receipts Analyze Post the opening balances and transactions into the appropriate ledger accounts. Cash Account No: 101 Credit Balance Account No: 109 Credit Balance Debit Notes Receivable Date Debit Feb 01, 2019 Date Feb 01, 2019 Accounts Receivable Date Debit Feb 01, 2019 Account No: 111 Credit Balance Supplies Date Feb 01, 2019 Account No: 129 Credit Balance Debit Sales Account No: 401 Credit Balance Interest Income Date Debit Account No: 491 Credit Balance Date Debit Cash Short or Over Date Debit Account No: 620 Credit Balance Record the transactions in a cash receipts journal. (Negative amounts should be indicated with a minus sign.) CASH RECEIPTS JOURNAL Other Accounts Credit Date Description Accounts Sales Tax Receivable Payable Credit Credit Sales Credit Cash Debit Account Name Amount Feb 03, 2019 Feb 05, 2019 Feb 07, 2019 Feb 09, 2019 Feb 12, 2019 Feb 14, 2019 Feb 16, 2019 Feb 19, 2019 Feb 21, 2019 Feb 25, 2019 Feb 28, 2019 Feb 28, 2019 Totals General Ledgers Cash Receipts Analyze What total accounts receivable were collected in February? Total accounts receivable collected
