Record the journal entries for January sales and credit card collections.
The company had sales on account (customer and credit cards) of $142,298.
Record the sales on account.
The company does not track inventory movement during the month or record the use of inventory as each sale occurs. You will record the change in inventory and cost of goods sold when you make the entry to adjust the balance in the inventory account to equal the value of inventory on hand on January 31.
FTS takes all cash and checks received from customers to the bank each Friday. All deposits are for food sales except for $1,460 for catering provided in January 2019 and $670 for catering to be provided in February 2019 during the last week (1/26/2019 deposit.) The weekly deposit slips shows the amount of cash sales.
Record the cash sales in four separate journal entries, one for each week.
3. Record the journal entries for cash received from credit card banks (accounts receivable).
Customers use credit cards to pay FTS. FTS then submits a request for payment to the credit card bank. The credit card banks make automatic payments to the companys bank account. The Credit Card Collections Report gives the amount of payments FTS received from the credit card banks (customers on account).
Record the total cash the company received from customers on account in one entry.
The balance in the accounts receivable account after posting the amounts in the general ledger (T Accounts) should agree with the total balance on the accounts receivable aging report. Make sure the two amounts agree.
4. Record the journal entries for wages and salaries expense (payroll report).
FTS provides a monthly payroll report. The company uses two different accounts to record amounts paid to employees: wage expense for workers and salary expense for management.
You will record two separate journal entries.
1) Record wages and salaries paid to employees during January. 2) Record the wages and salaries earned in January that will be paid in February.
Accrued compensation is the account used to record amounts owed to employees and for income tax withholdings. Employee withholdings for taxes are held by FTS and paid at the end of each quarter (March 2019). FTS owes the government for withholding amounts and records a liability in the account accrued compensation until the amounts are paid.
5. Record amounts into the detail general ledger (T accounts) and balance accounts.
Record all amounts in every journal entry to the proper account in the detail general ledger in the Excel spreadsheet. record every single amount to the proper account so the total debits will equal to total credits. 
Furthern 2800 N. College Dr. Beach Ball, FL 43215 119 1 Setting 2800 N. College Dr. Beach Ball, FL 43215 1211 1 Date 1/3/19 Date 1/18/19 Iluffy's Taco Shop Duffy's Taco Shop Pay to the Order of Peninsula Properties Pay to the Order of Research Experts, Inc. 15,000.00 750.00 VOD TEST COUNE VOTESTANT Fifteen thousand and 00/100 Dollars Seven hundred fifty and 00/100 Dollars I I 1 1 FTS FTS AP For Rent for all stores 909000099 111111119874 For Mystery shopper consulting services 909000099 111111119874 1 + 111 Furtya 2800 N. College Dr. Beach Ball, FL 43215 1221 Date 1/3/19 Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date 1/18/19 luffy's Taco Shop 1 1 Pay to the Order of Ben E. Keith 32,230.00 Pay to the Order of Staples Office Supplies VOD TESTINA $ 216.00 Thirty Two thousand two hundred thirty and 00/100 Dollars Dollars VOETEST ACCOUA Two hundred sixteen and 00/100 Dollars I FTS AP For Food Purchases 909000099 111111119874 FTS JAP For Office Supplies 909000099 111111119874 Page 1 Page 7 2800 N. College Dr. Beach Ball, FL 43215 Setting Duffy's, Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date 1/3/19 Date 1/18/19 Taco Shop 1 Pay to the Order of Allstate Insurance Pay to the Order of Home Depot $ 1,000.00 $ 8,965.35 VODTEST UNEA VOD-TEST ACCIA One thousand and 00/100 Dollars Eight thousand nine hundred sixty five and 35/100 Dollars 1 1 AP FTS FTS AP For Business liability and property insurance 909000099 111111119874 For Stovetop grill 909000099 111111119874 1 Fetty 124 1131 1 Setti 2800 N. College Dr. Beach Ball, FL 43215 luffy's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date Oluffy's. Taco Shop 1/3/19 Date 1/20/19 Pay to the Order of Sodexo Pay to the Order of Custom Carpentry 5,245.69 4,970.00 VODTEST TOCOUNTA VOETEST ACCOUT Five thousand two hundred forty five and 69/100 Dollars Four thousand nine hundred seventy and 00/100 Dollars I 1 AP 1 FTS FTS For Paper products 909000099 111111119874 For Outdoor fumiture 909000099 111111119874 I I 125 Petters 114 1 2800 N. College Dr. Beach Ball, FL 43215 FECT uffy's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date 1/3/19 luffy's Taco Shop Date 1/23/19 1 Pay to the Order of Johnson & Johnson Pay to the Order of U.S. Trademark Office 1,227.18 540.00 VCDTEST OCCUINA VOETEST NOU . One Thousand Two hundred twenty seven and 18/100 Dollars Five hundred forty and 00/100 Dollars 1 FTS FTS AP For Cleaning supplies 909000099 111111119874 For Fluffy's trademark 909000099 111111119874 1 1 1151 1261 Ferty 2800 N. College Dr. Beach Ball, FL 43215 For 2800 N. College Dr. Beach Ball, FL 43215 Date 1/7/19 Date 1/30/19 Oluffy's Taco Shop Taco Shop 1 1 Pay to the Order of Ben E. Keith Pay to the Order of Johnny Tate Ford 15,358.1 18,599.00 VEDTESTS.COCINA VODTEST ACCA Fifteen thousand three hundred fifty eight and 17/100 Dollars Eighteen thousand five hundred ninety nine and 00/100 Dollars 1 1 1 1 FTS AP FTS AP For Meat and poultry 909000099 111111119874 For Delivery Van - Expected to be used 5 years 909000099 111111119874 1 Page 2 Page 40 1 1161 L 1271 2800 N College Dr 2800 N College Dr Olufty's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 2800 N. College Dr. Beach Ball, FL 43215 Date 1/7/19 Date 1/30/19 Duffy's Taco Shop Pay to the Order of Farmer Joes Pay to the Order of AT&T 7,315.00 986.00 VODTEST TOUNEA VOETEST ACCOLTA Seven thousand three hundred fifteen and 00/100 Dollars Nine hundred eighty six and 00/100 Dollars FTS 1 1 For Vegetables and Cheese 909000099 111111119874 FTS For Phone Intemet Service - January 2019 909000099 111111119874 1111 Sortering luffy's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 2800 N. College Dr. Beach Ball, FL 43215 Date 1/7/19 Date 1/30/19 Oluffy's Taco Shop Pay to the Order of Rob Rancher Pay to the Order of TXU Energy 1,703.28 VOTEST ACCOU Two thousand four hundred twelve and 47/100 Dollars 2,412.471 VOETES ECCOUNTA 1 1 One Thousand Seven hundred three and 28/100 Dollars Dollars FTS FTS For Commeal 909000099 For Electric - December 2018 909000099 111111119874 111111119874 118 luffy's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date 1/10/19 I Pay to the Order of Graphic Cow 367.00 VOID TEST ACCOUNTA Three hundred sixty seven and 00/100 Dollars 1 1 FTS AP For T-shirts for Employees (Supplies) 909000099 111111119874 I 1191 119 Ferro 2800 N. College Dr. Beach Ball, FL 43215 Date 1/10/19 I luffy's Taco Shop Pay to the Order of Florida Sentinel Page 3 Pages 1,750.00 VOD-TESTACCUINTA One thousand seven hundred fifty and 00/100 Dollars FTS AP For Print ads Run in January 909000099 111111119874 1201 Date 1/18/19 2800 N. College Dr. Beach Ball, FL 43215 Jutty's Taco Shop Pay to the Order of Wells Fargo Commercial Banking $ 2,490.00 VOETESTCOUNEA Two thousand four hundred ninety and 00/100 Dollars FTS AP For Note Payable - February Monthly payment 909000099 111111119874 I 110 Globol Gym 1601 James Street Sandy, FL 43164 Date 1/3/19 Pay to the Order of Fuzzy's Taco Shop 14.21 Fourteen and 21/100 Dollars For Meals and Entertainment 622314536 322234615 Joe Global AP 111 Date 1/9/19 Central Florida University Orlando, Florida 43251 Pay to the Order of Fuzzy's Taco Shop 11.23 Eleven and 23/100 Dollars For Food Purchase 622314536 11125796 Jerry Chalman AP 112 Staples Office Supplies 2346 Broadway Giovandi, FL 42651 Date 1/10/19 Pay to the Order of Fuzzy's Taco Shop 9.41 Nine and 41/100 Dollars Colin Jonett AP For Lunch 200133462 4421067823 112 Central Florida University Orlando, Florida 43251 Date 1/27/19 Pay to the Order of Fuzzy's Taco Shop 1,460.00 One Thousand Four Hundred Sixty and 00/100 Dollars For Catering Deans Reception 1/28/2019 622314536 11125796 Jerry Chatman AP 112 Staples Office Supplies 2346 Broadway Giovandi, FL 42651 Date 1/28/19 Pay to the Order of Fuzzy's Taco Shop 670.00 Six Hundred Seventy and 00/100 Dollars Celia Jonetti AP For Corporate Lunch on 2/8/2019 882534628 6234587 Cash $ 2,828.49 Petri 2800 N. College Dr. Beach Ball, FL 43215 List Checks 1 $ 14.21 Ouffy's Taco Shop Subtotal $ 2,842.70 Date Saturday, January 5, 2019 Total Items Less Cash Received $ 2 Total Deposit $ $ 2,842.70 Wells Fargo Bank 987654321 88888888 Cash $ 3,419.03 GER 2800 N. College Dr. Beach Ball, FL 43215 List Checks 2 $ 20.64 Oluffy's Taco Shop Subtotal $ 3,439.67 Date Saturday, January 12, 2019 Total Items Less Cash Received $ Total Deposit $ $ 3,439.67 Wells Fargo Bank 987654321 88888888 Cash $ 2,626.65 Ferro 2800 N. College Dr. Beach Ball, FL 43215 List Checks $ Oluffy's Taco Shop Subtotal $ 2,626.65 Date Saturday, January 19, 2019 Total Items Less Cash Received $ 1 Total Deposit $ $ 2,626.65 Wells Fargo Bank 987654321 88888888 Cash $ 1,694.00 Ferro List Checks 2 $ 2,130.00 Oluffy's Taco Shop Subtotal $ 3,824.41 Date Saturday, January 26, 2019 Total Items Less Cash Received $ 3 Total Deposit $ $ 3,824.41 Wells Fargo Bank 987654321 88888888 Accounts Summary Receivable Aging Report Total Balance 30 Days Past Due 60 Days Past Due 90 Days Past Due Over 90 Days Past Due Customer Current Capital One Bank of America Corp. Citicorp Inc. Globo Gym HSBC NA Holdings Inc. Key Bank GE Money Center Vicky's Nail Salon $853 $2,047 $512 $3,470 $1,337 $2,113 $948 $1,222 $746 $1,764 $317 $0 $1,099 $1,796 $712 $1,222 $14 $134 $81 $1,485 $126 $127 $94 $0 $84 $0 $74 $1,240 $24 $151 $64 $0 $0 $40 $29 $600 $56 $39 $27 $0 $9 $109 $11 $145 $32 $0 $51 $0 $12,502 $7,656 $2,061 $1,637 $791 $357 Fluffy's Taco Shop Monthly Payroll Report January 1, 2019 - January 31, 2019 Worked in January and Employees Paid in January Per Hour Salary Total Amt Hours Rate Wages Total Amt $36,053.20 $3,112.60 4168 316 $8.65 $9.85 Employee Withholding $3,389.00 $292.58 $3,215.63 $6,897.21 Net Paid To Employees $32,664.20 $2,820.02 $15,534.38 $51,018.59 $18,750.00 $18,750.00 $39,165.80 Worked in January and Not Yet Paid Per Hour Wages Salary Rate Total Amt Total Amt Hours 549 $8.65 $9.85 $4,748.85 $610.70 62 $4,960.24 $4,960.24 $5,359.55 Fluffy's Taco Shop Credit Card Payments Report January 1, 2019 - January 31, 2019 Date 1/4/18 1/11/18 1/18/18 1/25/18 Description 1.1.15 - 1.10.15 Aggregate ACH Clearances... 1.11.15-1.17.15 Aggregate ACH Clearances... 1.18.15-1.24.15 Aggregate ACH Clearances... 1.25.15-1.31.15 Aggregate ACH Clearances... Payment $ 34,919.16 37,105.84 33,024.91 $ 34,929.09 $ 139,979.00 Furthern 2800 N. College Dr. Beach Ball, FL 43215 119 1 Setting 2800 N. College Dr. Beach Ball, FL 43215 1211 1 Date 1/3/19 Date 1/18/19 Iluffy's Taco Shop Duffy's Taco Shop Pay to the Order of Peninsula Properties Pay to the Order of Research Experts, Inc. 15,000.00 750.00 VOD TEST COUNE VOTESTANT Fifteen thousand and 00/100 Dollars Seven hundred fifty and 00/100 Dollars I I 1 1 FTS FTS AP For Rent for all stores 909000099 111111119874 For Mystery shopper consulting services 909000099 111111119874 1 + 111 Furtya 2800 N. College Dr. Beach Ball, FL 43215 1221 Date 1/3/19 Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date 1/18/19 luffy's Taco Shop 1 1 Pay to the Order of Ben E. Keith 32,230.00 Pay to the Order of Staples Office Supplies VOD TESTINA $ 216.00 Thirty Two thousand two hundred thirty and 00/100 Dollars Dollars VOETEST ACCOUA Two hundred sixteen and 00/100 Dollars I FTS AP For Food Purchases 909000099 111111119874 FTS JAP For Office Supplies 909000099 111111119874 Page 1 Page 7 2800 N. College Dr. Beach Ball, FL 43215 Setting Duffy's, Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date 1/3/19 Date 1/18/19 Taco Shop 1 Pay to the Order of Allstate Insurance Pay to the Order of Home Depot $ 1,000.00 $ 8,965.35 VODTEST UNEA VOD-TEST ACCIA One thousand and 00/100 Dollars Eight thousand nine hundred sixty five and 35/100 Dollars 1 1 AP FTS FTS AP For Business liability and property insurance 909000099 111111119874 For Stovetop grill 909000099 111111119874 1 Fetty 124 1131 1 Setti 2800 N. College Dr. Beach Ball, FL 43215 luffy's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date Oluffy's. Taco Shop 1/3/19 Date 1/20/19 Pay to the Order of Sodexo Pay to the Order of Custom Carpentry 5,245.69 4,970.00 VODTEST TOCOUNTA VOETEST ACCOUT Five thousand two hundred forty five and 69/100 Dollars Four thousand nine hundred seventy and 00/100 Dollars I 1 AP 1 FTS FTS For Paper products 909000099 111111119874 For Outdoor fumiture 909000099 111111119874 I I 125 Petters 114 1 2800 N. College Dr. Beach Ball, FL 43215 FECT uffy's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date 1/3/19 luffy's Taco Shop Date 1/23/19 1 Pay to the Order of Johnson & Johnson Pay to the Order of U.S. Trademark Office 1,227.18 540.00 VCDTEST OCCUINA VOETEST NOU . One Thousand Two hundred twenty seven and 18/100 Dollars Five hundred forty and 00/100 Dollars 1 FTS FTS AP For Cleaning supplies 909000099 111111119874 For Fluffy's trademark 909000099 111111119874 1 1 1151 1261 Ferty 2800 N. College Dr. Beach Ball, FL 43215 For 2800 N. College Dr. Beach Ball, FL 43215 Date 1/7/19 Date 1/30/19 Oluffy's Taco Shop Taco Shop 1 1 Pay to the Order of Ben E. Keith Pay to the Order of Johnny Tate Ford 15,358.1 18,599.00 VEDTESTS.COCINA VODTEST ACCA Fifteen thousand three hundred fifty eight and 17/100 Dollars Eighteen thousand five hundred ninety nine and 00/100 Dollars 1 1 1 1 FTS AP FTS AP For Meat and poultry 909000099 111111119874 For Delivery Van - Expected to be used 5 years 909000099 111111119874 1 Page 2 Page 40 1 1161 L 1271 2800 N College Dr 2800 N College Dr Olufty's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 2800 N. College Dr. Beach Ball, FL 43215 Date 1/7/19 Date 1/30/19 Duffy's Taco Shop Pay to the Order of Farmer Joes Pay to the Order of AT&T 7,315.00 986.00 VODTEST TOUNEA VOETEST ACCOLTA Seven thousand three hundred fifteen and 00/100 Dollars Nine hundred eighty six and 00/100 Dollars FTS 1 1 For Vegetables and Cheese 909000099 111111119874 FTS For Phone Intemet Service - January 2019 909000099 111111119874 1111 Sortering luffy's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 2800 N. College Dr. Beach Ball, FL 43215 Date 1/7/19 Date 1/30/19 Oluffy's Taco Shop Pay to the Order of Rob Rancher Pay to the Order of TXU Energy 1,703.28 VOTEST ACCOU Two thousand four hundred twelve and 47/100 Dollars 2,412.471 VOETES ECCOUNTA 1 1 One Thousand Seven hundred three and 28/100 Dollars Dollars FTS FTS For Commeal 909000099 For Electric - December 2018 909000099 111111119874 111111119874 118 luffy's Taco Shop 2800 N. College Dr. Beach Ball, FL 43215 Date 1/10/19 I Pay to the Order of Graphic Cow 367.00 VOID TEST ACCOUNTA Three hundred sixty seven and 00/100 Dollars 1 1 FTS AP For T-shirts for Employees (Supplies) 909000099 111111119874 I 1191 119 Ferro 2800 N. College Dr. Beach Ball, FL 43215 Date 1/10/19 I luffy's Taco Shop Pay to the Order of Florida Sentinel Page 3 Pages 1,750.00 VOD-TESTACCUINTA One thousand seven hundred fifty and 00/100 Dollars FTS AP For Print ads Run in January 909000099 111111119874 1201 Date 1/18/19 2800 N. College Dr. Beach Ball, FL 43215 Jutty's Taco Shop Pay to the Order of Wells Fargo Commercial Banking $ 2,490.00 VOETESTCOUNEA Two thousand four hundred ninety and 00/100 Dollars FTS AP For Note Payable - February Monthly payment 909000099 111111119874 I 110 Globol Gym 1601 James Street Sandy, FL 43164 Date 1/3/19 Pay to the Order of Fuzzy's Taco Shop 14.21 Fourteen and 21/100 Dollars For Meals and Entertainment 622314536 322234615 Joe Global AP 111 Date 1/9/19 Central Florida University Orlando, Florida 43251 Pay to the Order of Fuzzy's Taco Shop 11.23 Eleven and 23/100 Dollars For Food Purchase 622314536 11125796 Jerry Chalman AP 112 Staples Office Supplies 2346 Broadway Giovandi, FL 42651 Date 1/10/19 Pay to the Order of Fuzzy's Taco Shop 9.41 Nine and 41/100 Dollars Colin Jonett AP For Lunch 200133462 4421067823 112 Central Florida University Orlando, Florida 43251 Date 1/27/19 Pay to the Order of Fuzzy's Taco Shop 1,460.00 One Thousand Four Hundred Sixty and 00/100 Dollars For Catering Deans Reception 1/28/2019 622314536 11125796 Jerry Chatman AP 112 Staples Office Supplies 2346 Broadway Giovandi, FL 42651 Date 1/28/19 Pay to the Order of Fuzzy's Taco Shop 670.00 Six Hundred Seventy and 00/100 Dollars Celia Jonetti AP For Corporate Lunch on 2/8/2019 882534628 6234587 Cash $ 2,828.49 Petri 2800 N. College Dr. Beach Ball, FL 43215 List Checks 1 $ 14.21 Ouffy's Taco Shop Subtotal $ 2,842.70 Date Saturday, January 5, 2019 Total Items Less Cash Received $ 2 Total Deposit $ $ 2,842.70 Wells Fargo Bank 987654321 88888888 Cash $ 3,419.03 GER 2800 N. College Dr. Beach Ball, FL 43215 List Checks 2 $ 20.64 Oluffy's Taco Shop Subtotal $ 3,439.67 Date Saturday, January 12, 2019 Total Items Less Cash Received $ Total Deposit $ $ 3,439.67 Wells Fargo Bank 987654321 88888888 Cash $ 2,626.65 Ferro 2800 N. College Dr. Beach Ball, FL 43215 List Checks $ Oluffy's Taco Shop Subtotal $ 2,626.65 Date Saturday, January 19, 2019 Total Items Less Cash Received $ 1 Total Deposit $ $ 2,626.65 Wells Fargo Bank 987654321 88888888 Cash $ 1,694.00 Ferro List Checks 2 $ 2,130.00 Oluffy's Taco Shop Subtotal $ 3,824.41 Date Saturday, January 26, 2019 Total Items Less Cash Received $ 3 Total Deposit $ $ 3,824.41 Wells Fargo Bank 987654321 88888888 Accounts Summary Receivable Aging Report Total Balance 30 Days Past Due 60 Days Past Due 90 Days Past Due Over 90 Days Past Due Customer Current Capital One Bank of America Corp. Citicorp Inc. Globo Gym HSBC NA Holdings Inc. Key Bank GE Money Center Vicky's Nail Salon $853 $2,047 $512 $3,470 $1,337 $2,113 $948 $1,222 $746 $1,764 $317 $0 $1,099 $1,796 $712 $1,222 $14 $134 $81 $1,485 $126 $127 $94 $0 $84 $0 $74 $1,240 $24 $151 $64 $0 $0 $40 $29 $600 $56 $39 $27 $0 $9 $109 $11 $145 $32 $0 $51 $0 $12,502 $7,656 $2,061 $1,637 $791 $357 Fluffy's Taco Shop Monthly Payroll Report January 1, 2019 - January 31, 2019 Worked in January and Employees Paid in January Per Hour Salary Total Amt Hours Rate Wages Total Amt $36,053.20 $3,112.60 4168 316 $8.65 $9.85 Employee Withholding $3,389.00 $292.58 $3,215.63 $6,897.21 Net Paid To Employees $32,664.20 $2,820.02 $15,534.38 $51,018.59 $18,750.00 $18,750.00 $39,165.80 Worked in January and Not Yet Paid Per Hour Wages Salary Rate Total Amt Total Amt Hours 549 $8.65 $9.85 $4,748.85 $610.70 62 $4,960.24 $4,960.24 $5,359.55 Fluffy's Taco Shop Credit Card Payments Report January 1, 2019 - January 31, 2019 Date 1/4/18 1/11/18 1/18/18 1/25/18 Description 1.1.15 - 1.10.15 Aggregate ACH Clearances... 1.11.15-1.17.15 Aggregate ACH Clearances... 1.18.15-1.24.15 Aggregate ACH Clearances... 1.25.15-1.31.15 Aggregate ACH Clearances... Payment $ 34,919.16 37,105.84 33,024.91 $ 34,929.09 $ 139,979.00
