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The following transactions took place at Micky's Sports Emporium during the first week of October 20X1. DATE TRANSACTIONS October 1 Had cash sales of $7,000
The following transactions took place at Micky's Sports Emporium during the first week of October 20X1. DATE TRANSACTIONS October 1 Had cash sales of $7,000 plus sales tax of $490; there was a cash overage of $10. October 2 Collected $990 on account from John Carter, a credit customer. October 3 Had cash sales of $5,400 plus sales tax of $378. October 4 Mickey O'Donnell, the owner, made an additional cash investment of $24,000. October 6 Had cash sales of $6,900 plus sales tax of $483; there was a cash shortage of $24. Indicate how these transactions would be entered in a cash receipts journal. Note: Negative amounts should be indicated by a minus sign. Date Description Accounts Receivable Credit CASH RECEIPTS JOURNAL Sales Tax Payable Credit Sales Credit Other Accounts Credit Account Name Amount Cash Debit
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