Sales Journal, Cash Receipts Journal, and General Journal

Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% 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.
13		Received payment from R. J. Kalas, Inc. for Sale No. 33D.
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 sales 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.
25		Sold merchandise to Blevins Bakery, $1,915, plus sales tax. Sale No. 33G.
27		Sold merchandise to Thompson Group, $2,016, plus sales tax. Sale No. 33H.
28		Made cash sales for the week, $3,500, plus sales tax.

Required:

1. Record the transactions in the sales journal, cash receipts journal, and general journal. Total the columns at the end of the month.

page: 6

	DATE	SALE NO.	TO WHOM SOLD	POST. REF.			ACCOUNTS RECEIVABLE DEBIT	SALES CREDIT	SALES TAX PAYABLE CREDIT
1										1
2										2
3										3
4										4
5										5
6										6
7										7
8							(122)	(401)	(231)	8

Verify that the total of the debit columns equals the total of the credit columns.

Debit total:
Credit total:

Cash Receipts Journal							Page 9
Date	Account Credited	Post. Ref.	General Credit	Accounts Receivable Credit	Sales Credit	Sales Tax Payable Credit	Cash Debit
20--
				(122)	(401)	(231)	(101)

Verify that the total of the debit columns equals the total of the credit columns.

Debit total:
Credit total:

Enter the posting references when you complete part 2.

GENERAL JOURNAL				PAGE 5
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20--
	Credit Memo #66
	Credit Memo #67

2. Post from the journals to the general ledger and accounts receivable ledger accounts.

ACCOUNT	Cash				ACCOUNT NO.	101
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Mar. 1	Balance				9,741.00

ACCOUNT	Accounts Receivable				ACCOUNT NO.	122
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
Mar. 1	Balance				1,058.25

ACCOUNT	Sales Tax Payable				ACCOUNT NO.	231
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--

ACCOUNT	Sales				ACCOUNT NO.	401
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--

ACCOUNT	Sales Returns and Allowances				ACCOUNT NO.	401.1
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--