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Sports Junction began operations March 1, 20X1. The firm sells its merchandise for cash; on open account; to customers using bank credit cards, such as
Sports Junction began operations March 1, 20X1. The firm sells its merchandise for cash; on open account; to customers using bank credit cards, such as MasterCard and Visa; and to customers using American Express. Merchandise sales are subject to an 8 percent sales tax. The bank credit cards charge a 3 percent fee. American Express charges a 4 percent fee. During March, Sports Junction engaged in the following transactions: DATE TRANSACTIONS 20x1 March 1 Sold merchandise on credit to Mitch Edvards; issued Sales Slip 101 for $880 plus sales tax of $70.40. 3 Sold merchandise on credit to Miriam Abboud; issued Sales slip 102 for $415 plus sales tax of $33.20. Accepted a return of merchandise from Mitch Edwards; the merchandise vas originally sold on Sales Slip 101 of March 1: issued Credit Memorandum 1 for $215, which included sales tax of $15.93. 10 Received payment from Mitch Edvards in payment of his balance owed for merchandise sold on March 1, less the return of merchandise on March 8. 12 Sold merchandise on credit to Ann Ho; issued Sales Slip 103 for $605 plus sales tax of $48.40. 15 Recorded cash sales for the period from March 1 to March 15 of $5,400 plus sales tax of $432.00. 15 Recorded sales for the period fron March 1 to March 15 to customers using bank credit cards of $2,400 plus sales tax of $592.00. (Record the 3 percent credit card expense at this time.) 25 Sold merchandise on credit to Frank Canzetti; issued Sales Slip 104 for $540 plus sales tax of $43.20. 26 Gold merchandise to customers using Anerican Express for $3,640 plus sales tax of $291.20. 28 Received a check from Ann Ho of $207 to apply toward her account. 31 Recorded cash sales for the period from March 16 to March 31 of $5,900 plus sales tax of $472.00. 31 Received payment from American Express for the amount billed on March 26, less a 4 percent fee.. 31 Recorded sales for the period from March 16 to March 31 to customers using bank credit cards of $6,650 plus sales tax of $532.00. (Record the 1 percent credit card expense at this time.) Required: 2. Record the transactions in a general journal. 3. Post the entries from the general journal to the appropriate account in the general ledger and in the accounts receivable ledger. 4. Prepare a schedule of accounts receivable. GENERAL LEDGER ACCOUNTS 111 Accounts Receivable ACCOUNTS RECEIVABLE LEDGER ACCOUNTS Required: 2. Record the transactions in a general Journal. 3. Post the entries from the general journal to the appropriate account in the general ledger and in the accounts receivable ledger. 4. Prepare a schedule of accounts receivable. GENERAL LEDGER ACCOUNTS 111 Accounts Receivable ACCOUNTS RECEIVABLE LEDGER ACCOUNTS Miriam Abboud American Express Frank Canzetti Mitch Edvards Ann Ho Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 13 > Sold merchandise on credit to Mitch Edwards; issued Sales Slip 101 for $880 plus sales tax of $70.40. Note: Enter debits before credits Date March 201 General Journal Debit Credit Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 3 5 6 7 8..... 13 Sold merchandise on credit to Miriam Abboud; issued Sales Slip 102 for $415 plus sales tax of $33.20. Note: Enter debits before credits. Date March 3, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 2 4 5 6 7 8 .... 13 Accepted a return of merchandise from Mitch Edwards; the merchandise was originally sold on Sales Slip 101 of March 1; issued Credit Memorandum 1 for $215, which included sales tax of $15.93. Note: Enter debits before credits. Date March 8, 20X1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 5 6 7 8 ..... 13 > Received payment from Mitch Edwards in payment of his balance owed for merchandise sold on March 1, less the return of merchandise on March 8. Note: Enter debits before credits. Date March 10, 20X1 General Journal Debit Credit Clear entry View general Journal Record entry Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 6 8 13 > Sold merchandise on credit to Ann Ho; Issued Sales Slip 103 for $605 plus sales tax of $48.40. Note: Enter debits before credits. Date March 12, 20X1 General Journal Debit Credit Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 5 7 8 13 Recorded cash sales for the period from March 1 to March 15 of $5,400 plus sales tax of $432.00. Note: Enter debits before credits. Date March 15, 20X1 General Journal Debit Credit View general journal Record entry Clear entry Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 8 13 > Recorded sales for the period from March 1 to March 15 to customers using bank credit cards of $7,400 plus sales tax of $592.00. (Record the 3 percent credit card expense at this time.) Note: Enter debits before credits. Date March 15, 20X1 General Journal Debit Credit Record entry Clear entry View general Journal American Express Prank Canzetti Ann Ho Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 2 3 4 5 6 7 00B 13 Sold merchandise on credit to Frank Canzetti; issued Sales Slip 104 for $540 plus sales tax of $43.20. Note: Enter debits before credits. Date March 25, 20X1 General Journal Debit Credit Record entry Clear entry View general Journal Frank Canzetti Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 4 5 6 7 8 9 13 Sold merchandise to customers using American Express for $3,640 plus sales tax of $291.20. Note: Enter debits before credits Date March 26, 20X1 General Journal Debit Credit Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 ... 5 6 7 8 9 10 13 Received a check from Ann Ho of $207 to apply toward her account. Note: Enter debits before credits. Date March 28, 20X1 General Journal Debit Credit View general Journal Record entry Clear entry extra credit American Express Ann Ho Frank Canzetti Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 6 7 8 9 10 10 11 13 Recorded cash sales for the period from March 16 to March 31 of $5,900 plus sales tax of $472.00. Note: Enter debits before credits. Date March 31, 20X1 General Journal Debit Credit Record entry Clear entry View general Journal The extra cre American Express Ann Ho Frank Canzetti Complete this question by entering your answers in the tabs below. General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 wwww 6 7 8 9 10 11 12 13 Received payment from American Express for the amount billed on March 26, less a 4 percent fee. Note: Enter debits before credits, Date March 31, 20X1 General Journal Debit Credit Record entry Clear entry View general journal pter exu American Express Ann Ho Frank Canzetti Complete this question by entering your answers in the tabs below. ed General Journal General Ledgers Schedule of AR Record the transactions in a general journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 6 7 8 9 10 10 11 12 13 Recorded sales for the period from March 16 to March 31 to customers using bank credit cards of $6,650 plus sales tax of $532.00. (Record the 3 percent credit card expense at this time.) Note: Enter debits before credits. Date March 31, 20X1 General Journal Debit Credit Record entry Clear entry View general Journal GENERAL LEDGER Accounts Receivable Account No. 111 Date Debit Credit Balance Miriam Abboud Date ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER American Express Debit Credit Balance Date Debit Credit Balance Frank Canzetti Mitch Edwards Date Debit Credit Balance Date Debit Credit Balance Ann Ho Miriam Abboud Date Frank Canzetti Date Date Ann Ho ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Debit Credit Balance American Express Date Debit Credit Balance Mitch Edwards Debit Credit Balance Date Debit Credit Balance Debit Credit Balance 111 Accounts Receivable ACCOUNTS RECEIVABLE LEDGER ACCOUNTS Miriam Abboud American Express Frank Canzetti Mitch Edwards Ann Ho Complete this question by entering your answers in the tabs below. General Journal General Schedule of Ledgers AR Prepare a schedule of accounts receivable. Sports Junction Schedule of Accounts Receivable March 31, 20X1 Miriam Abboud American Express Frank Canzetti Mitch Edwards Ann Ho Total < General Ledgers Schedule of AR
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