T-Shirt Trends, a retail merchandising business, uses special journals to record its business transactions. INSTRUCTIONS On the forms provided in your working papers: 1. Record the July transactions in the sales journal (page 15), cash receipts journal (page 16). purchases journal (page 15), cash payments journal (page 16), and general journal (page 3). 2. Foot, prove, total, and rule the special journals. 3. Prove cash. The beginning cash in bank balance is $7,500. The check stub balance at the end of the month is $13,409. Date Transactions July 2 Sold $500 in merchandise on account to Dave Hioki plus 5% sales tax, Sales Slip 333 2 Purchased $1,400 in merchandise on account from Cherokee Productions, Inc. Invoice 7001, terms 2/10, 1/30 3 Issued Check 535 for $1,960 in payment of Dancing Wind Clothing Manufacturers $2,000 invoice less a 2% discount. 4 Received $1.764 from Hal's Fitness Studios in payment of our $1.800 invoice less a 2% discount. Receipt 200. 5 issued Credit Memo 27 to Gabriela Morales for the return of $100 in merchandise plus $5 sales tax 6 Purchased $2,000 in store equipment on account from Carter Office Supply, Invoice C0123, terms n/30. 6 Received $2,450 from Sandpiper Sports Club in payment of our $2,500 invoice less a 2% discount, Receipt 201. 7 Sold $1,000 in merchandise on account plus 5% sales tax to Virginia Williams, Sales Slip 334. 7 Issued Debit Memo 14 for $300 to Wilmington Shirt Factory for credit taken on damaged merchandise. 8 Wrote Check 536 to Chapel Hills Realtors in payment of monthly rent of $900. 8 Sold old office equipment for $75 cash to Ann Martin, an employee, Receipt 202. 9 Purchased $3,000 in merchandise on account from CompuRite Solutions, Invoice CR79, terms 2/10, n/30. 10 Sold $3,500 in merchandise plus 5% sales tax on account to Roundabout Fashions, Sales Slip 335. 12 Bought $150 in supplies from Palace Party Supplies, on account, Invoice 876. 13 Issued Check 537 for $1,600 to Academy Insurance Company for annual business insurance premium. 14 Wrote Check 538 to CompuRite Solutions for $2,940 in payment of Invoice CR79 for $3,000 less 2% discount. 15 Cash sales amounted to $3,000 plus 5% sales tax, Tape 29. 15 Bankcard sales were $5,000 plus 5% sales tax, Tape 29. 18 Purchased $1,100 in merchandise on account from Sullivan Screen Printers, Invoice 423, terms 2/10, 1/30. 20 Purchased $750 in merchandise for cash from Cherokee Productions, Inc., Check 539. ogle D... docs Google Meet Q Quizlet Live | Quizlet K! Kahoot Yo jump to pg go book contents 17A 22 Paid the monthly utility bill, $150, Check 540. 23 Purchased $4,500 in merchandise on account from Dancing Wind Clothing Manufacturers, Invoice 777, terms, 2/10, 1/30. 24 Received $525 from Dave Hioki to apply on his account, Receipt 203. Wrote Check 541 to Sullivan Screen Printers for $1,078 in payment of 24 Invoice 423 for $1,100 less a 2% discount. Issued Debit Memo 15 for $200 to Dancing Wind Clothing Book.do?set Tab=section Tabs Google D... E docs Google Meet Q Quizlet Live | Quizlet K! Kahoot G jump to pg go book contents 26 Manufacturers for the return of merchandise. Cash sales amounted to $2,200 plus $110 sales tax, Tape 30. 31 Bank card sales amounted to $1,500 plus $75.00 sales tax, Tape 30. 31 Wrote Check 542 to pay the payroll of $2,000 (Gross Earnings) for 31 the pay period ended July 31. The following amounts were withheld: employees' federal income taxes, $300: FICA taxes, $124 for social security and $29 for Medicare; employees' state income taxes, $60. Recorded the employer's payroll taxes (FICA tax rate. 6.2% for social security, and 1.45% for Medicare; federal unemployment tax rate, 31 0.8%, and state unemployment rate, 5.4%). T-Shirt Trends, a retail merchandising business, uses special journals to record its business transactions. INSTRUCTIONS On the forms provided in your working papers: 1. Record the July transactions in the sales journal (page 15), cash receipts journal (page 16). purchases journal (page 15), cash payments journal (page 16), and general journal (page 3). 2. Foot, prove, total, and rule the special journals. 3. Prove cash. The beginning cash in bank balance is $7,500. The check stub balance at the end of the month is $13,409. Date Transactions July 2 Sold $500 in merchandise on account to Dave Hioki plus 5% sales tax, Sales Slip 333 2 Purchased $1,400 in merchandise on account from Cherokee Productions, Inc. Invoice 7001, terms 2/10, 1/30 3 Issued Check 535 for $1,960 in payment of Dancing Wind Clothing Manufacturers $2,000 invoice less a 2% discount. 4 Received $1.764 from Hal's Fitness Studios in payment of our $1.800 invoice less a 2% discount. Receipt 200. 5 issued Credit Memo 27 to Gabriela Morales for the return of $100 in merchandise plus $5 sales tax 6 Purchased $2,000 in store equipment on account from Carter Office Supply, Invoice C0123, terms n/30. 6 Received $2,450 from Sandpiper Sports Club in payment of our $2,500 invoice less a 2% discount, Receipt 201. 7 Sold $1,000 in merchandise on account plus 5% sales tax to Virginia Williams, Sales Slip 334. 7 Issued Debit Memo 14 for $300 to Wilmington Shirt Factory for credit taken on damaged merchandise. 8 Wrote Check 536 to Chapel Hills Realtors in payment of monthly rent of $900. 8 Sold old office equipment for $75 cash to Ann Martin, an employee, Receipt 202. 9 Purchased $3,000 in merchandise on account from CompuRite Solutions, Invoice CR79, terms 2/10, n/30. 10 Sold $3,500 in merchandise plus 5% sales tax on account to Roundabout Fashions, Sales Slip 335. 12 Bought $150 in supplies from Palace Party Supplies, on account, Invoice 876. 13 Issued Check 537 for $1,600 to Academy Insurance Company for annual business insurance premium. 14 Wrote Check 538 to CompuRite Solutions for $2,940 in payment of Invoice CR79 for $3,000 less 2% discount. 15 Cash sales amounted to $3,000 plus 5% sales tax, Tape 29. 15 Bankcard sales were $5,000 plus 5% sales tax, Tape 29. 18 Purchased $1,100 in merchandise on account from Sullivan Screen Printers, Invoice 423, terms 2/10, 1/30. 20 Purchased $750 in merchandise for cash from Cherokee Productions, Inc., Check 539. ogle D... docs Google Meet Q Quizlet Live | Quizlet K! Kahoot Yo jump to pg go book contents 17A 22 Paid the monthly utility bill, $150, Check 540. 23 Purchased $4,500 in merchandise on account from Dancing Wind Clothing Manufacturers, Invoice 777, terms, 2/10, 1/30. 24 Received $525 from Dave Hioki to apply on his account, Receipt 203. Wrote Check 541 to Sullivan Screen Printers for $1,078 in payment of 24 Invoice 423 for $1,100 less a 2% discount. Issued Debit Memo 15 for $200 to Dancing Wind Clothing Book.do?set Tab=section Tabs Google D... E docs Google Meet Q Quizlet Live | Quizlet K! Kahoot G jump to pg go book contents 26 Manufacturers for the return of merchandise. Cash sales amounted to $2,200 plus $110 sales tax, Tape 30. 31 Bank card sales amounted to $1,500 plus $75.00 sales tax, Tape 30. 31 Wrote Check 542 to pay the payroll of $2,000 (Gross Earnings) for 31 the pay period ended July 31. The following amounts were withheld: employees' federal income taxes, $300: FICA taxes, $124 for social security and $29 for Medicare; employees' state income taxes, $60. Recorded the employer's payroll taxes (FICA tax rate. 6.2% for social security, and 1.45% for Medicare; federal unemployment tax rate, 31 0.8%, and state unemployment rate, 5.4%)