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T. M. Maxwell owns a retail business and made the following sales on account during the month of July 20--. There is a 5% sales
T. M. Maxwell owns a retail business and made the following sales on account during the month of July 20--. There is a 5% sales tax on all sales. July Transactions: July 1 8 15 21 24 29 Sale No. 101 to Saga, Inc., $1,200 plus sales tax. Sale No. 102 to Vinnie Ward, $2,100 plus sales tax. Sale No. 103 to Dvorak Manufacturing, $4,300 plus sales tax. Sale No. 104 to Vinnie Ward, $1,800 plus sales tax. Sale No. 105 to Zapata Co., $1,600 plus sales tax. Sale No. 106 to Saga, Inc., $1,450 plus sales tax. Required: 1. Record the transactions starting on page 15 of a general journal. 2. Post from the journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the Chart of Accounts. CHART OF ACCOUNTS Maxwell General Ledger ASSETS 101 Cash 122 Accounts Receivable 141 Supplies 145 Prepaid Insurance 181 Office Equipment 181.1 Accumulated Depreciation-Office Equipment LIABILITIES 202 Accounts Payable 219 Wages Payable 231 Sales Tax Payable 311 T. M. Maxwell Capital 312 T. M. Maxwell Drawing 313 Income Summary REVENUE 401 Sales EXPENSES 511 Wages Expense 512 Advertising Expense 521 Rent Expense 523 Supplies Expense 525 Phone Expense 532 Bad Debt Expense 535 Insurance Expense 541 Depreciation Expense-Office Equipment 549 Miscellaneous Expense EQUITY GENERAL JOURNAL \begin{tabular}{|c|c|c|c|c|c|} \hline & DATE & ACCOUNT TITLE & POST. REF. & DEBIT & CREOIT \\ \hline 1 & & & & & \\ \hline 2 & & & & & \\ \hline 3 & & & & & \\ \hline 4 & & & & & \\ \hline 5 & & & & & \\ \hline 6 & & & & & \\ \hline 7 & & & & & \\ \hline 8 & & & & & \\ \hline & & & & & \\ \hline 10 & & & & & \\ \hline 11 & & & & & \\ \hline 12 & & & & & \\ \hline 13 & & & & & \\ \hline 14 & & & & & \\ \hline 15 & & & & & \\ \hline 16 & & & & & \\ \hline 17 & & & & & \\ \hline 18 & & & & & \\ \hline \end{tabular} Subsidiary Ledgers Accounts Receivable Ledger 2. Post from the journal to the accounts recelvable ledger accounts. Use account numbers as shown in the Chart of Accounts. Accounts Receivable Ledgec Instructions M. Maxwell owns a retail business and made the following sales on account during the month of July 20 -. There is a 5% sales tax on all sales. Required: 1. Record the transactions starting on page 15 of a general journal. 2. Post from the joumal to the general lodger and accounts receivable ledger accounts. Use account numbers as shown in the Chart of Accounts 2. Post from the journal to the general ledger accounts. Uso account numbers as shown in the Chart of Accounts. General Ledoer instructions
T. M. Maxwell owns a retail business and made the following sales on account during the month of July 20--. There is a 5% sales tax on all sales. July Transactions: July 1 8 15 21 24 29 Sale No. 101 to Saga, Inc., $1,200 plus sales tax. Sale No. 102 to Vinnie Ward, $2,100 plus sales tax. Sale No. 103 to Dvorak Manufacturing, $4,300 plus sales tax. Sale No. 104 to Vinnie Ward, $1,800 plus sales tax. Sale No. 105 to Zapata Co., $1,600 plus sales tax. Sale No. 106 to Saga, Inc., $1,450 plus sales tax. Required: 1. Record the transactions starting on page 15 of a general journal. 2. Post from the journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the Chart of Accounts.
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