Required: 1. Enter the transactions for the month of September in a general journal. (Begin with page 7.) 2. Post the entries to the general and subsidiary ledgers. 3. Prepare a schedule of accounts receivable. 4. Compute the net sales for the month of September. Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage purchased in Sale No. 103. The Harlands offered a sales allowance of $10 plus tax on the price of the cage which satisfied Warkentin. 12 Sold a cockatoo on account to Tully Shaw, $1,200 plus tax of $72, terms n/30. Sale No. 104. 14 Received cash on account from Rosa Alanso, $256. 15 Rosa Alanso returned merchandise, $93.28 including tax of $5.28. 15 Cash sales for the week were $2,656.85 plus tax of $159.41. 16 Received cash on account from Nancy Truelove, $58.25. 18 Received cash for boarding and grooming services, $535 plus tax of $32.10. 19 Received cash on account from Ed Cochran, $63.25. 20 Sold pet supplies on account to Susan Hays, $83.33 plus tax of $5, terms n/30. Sale No. 105. 21 Sold three Labrador Retriever puppies to All American Day Camp, $375 plus tax of $22.50, terms n/30. Sale No. 106. 22 Cash sales for the week were $3,122.45 plus tax of $187.35. 23 Received cash for boarding and grooming services, $515 plus tax of $30.90. 25 Received cash on account from Ken Shank, $132.50. 26 Received cash on account from Nancy Truelove, $72.35. 27 Received cash on account from Joe Gloy, $273.25. 28 Borrowed cash to purchase a pet limousine, $11,000. 29 Cash sales for the week were $2,835.45 plus tax of $170.13. 30 Received cash for boarding and grooming services, $488 plus tax of $29.28. Wayward had the following general ledger account balances as of September 1: Account General Ledger Account Title No. Balance on Sept. 1 Cash 101 $23,500.25 Accounts Receivable 122 850.75 Notes Payable 201 2,500.00 Sales Tax Payable 231 909.90 Sales 401 13,050.48 Sales Returns and Allowances 401.1 86.00 Boarding and Grooming Revenue 402 2,115.00 Wayward also had the following accounts receivable ledger balances as of September 1: Accounts Receivable Customer Balance Rosa Alanso $456.00 Ed Cochran 63.25 Joe Gloy 273.25 Nancy Truelove 58.25 New customers opening accounts during September were as follows: All American Day Camp Tully Shaw Susan Hays Jean Warkentin Ken Shank Required: 1. Enter the transactions for the month of September in a general journal. (Begin with page 7.) 2. Post the entries to the general and subsidiary ledgers. 3. Prepare a schedule of accounts receivable. 4. Compute the net sales for the month of September. 1. Enter the transactions for the month of September in a general journal. General Journal Instructions GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 PAGE 9PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 2. Post the entries to the general ledger. General Ledger Instructions GENERAL LEDGER Account: Cash101Account No. Account: Accounts Receivable122Account No. Account: Notes Payable201Account No. Account: Sales Tax Payable231Account No. Account: Sales401Account No. Account: Sales Returns and Allowances401.1Account No. Account: Boarding and Grooming Revenue402Account No.
Required: 1. Enter the transactions for the month of September in a general journal. (Begin with page 7.) 2. Post the entries to the general and subsidiary ledgers. 3. Prepare a schedule of accounts receivable. 4. Compute the net sales for the month of September. Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage purchased in Sale No. 103. The Harlands offered a sales allowance of $10 plus tax on the price of the cage which satisfied Warkentin. 12 Sold a cockatoo on account to Tully Shaw, $1,200 plus tax of $72, terms n/30. Sale No. 104. 14 Received cash on account from Rosa Alanso, $256. 15 Rosa Alanso returned merchandise, $93.28 including tax of $5.28. 15 Cash sales for the week were $2,656.85 plus tax of $159.41. 16 Received cash on account from Nancy Truelove, $58.25. 18 Received cash for boarding and grooming services, $535 plus tax of $32.10. 19 Received cash on account from Ed Cochran, $63.25. 20 Sold pet supplies on account to Susan Hays, $83.33 plus tax of $5, terms n/30. Sale No. 105. 21 Sold three Labrador Retriever puppies to All American Day Camp, $375 plus tax of $22.50, terms n/30. Sale No. 106. 22 Cash sales for the week were $3,122.45 plus tax of $187.35. 23 Received cash for boarding and grooming services, $515 plus tax of $30.90. 25 Received cash on account from Ken Shank, $132.50. 26 Received cash on account from Nancy Truelove, $72.35. 27 Received cash on account from Joe Gloy, $273.25. 28 Borrowed cash to purchase a pet limousine, $11,000. 29 Cash sales for the week were $2,835.45 plus tax of $170.13. 30 Received cash for boarding and grooming services, $488 plus tax of $29.28. Wayward had the following general ledger account balances as of September 1: Account General Ledger Account Title No. Balance on Sept. 1 Cash 101 $23,500.25 Accounts Receivable 122 850.75 Notes Payable 201 2,500.00 Sales Tax Payable 231 909.90 Sales 401 13,050.48 Sales Returns and Allowances 401.1 86.00 Boarding and Grooming Revenue 402 2,115.00 Wayward also had the following accounts receivable ledger balances as of September 1: Accounts Receivable Customer Balance Rosa Alanso $456.00 Ed Cochran 63.25 Joe Gloy 273.25 Nancy Truelove 58.25 New customers opening accounts during September were as follows: All American Day Camp Tully Shaw Susan Hays Jean Warkentin Ken Shank Required: 1. Enter the transactions for the month of September in a general journal. (Begin with page 7.) 2. Post the entries to the general and subsidiary ledgers. 3. Prepare a schedule of accounts receivable. 4. Compute the net sales for the month of September. 1. Enter the transactions for the month of September in a general journal. General Journal Instructions GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 PAGE 9PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 2. Post the entries to the general ledger. General Ledger Instructions GENERAL LEDGER Account: Cash101Account No. Account: Accounts Receivable122Account No. Account: Notes Payable201Account No. Account: Sales Tax Payable231Account No. Account: Sales401Account No. Account: Sales Returns and Allowances401.1Account No. Account: Boarding and Grooming Revenue402Account No.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 1PA: Sage Learning Centers was established on July 20 to provide educational services. The services...
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Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
Required:
| 1. | Enter the transactions for the month of September in a general journal. (Begin with page 7.) |
| 2. | |
| 3. | Prepare a schedule of accounts receivable. |
| 4. | Compute the net sales for the month of September. |
Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September:
| September Transactions: | ||
| Sept. | 2 | Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. |
| 3 | Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. | |
| 5 | Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. | |
| 8 | Cash sales for the week were $2,332.45 plus tax of $139.95. | |
| 10 | Received cash for boarding and grooming services, $625 plus tax of $37.50. | |
| 11 | Jean Warkentin stopped by the store to point out a minor defect in the bird cage purchased in Sale No. 103. The Harlands offered a sales allowance of $10 plus tax on the price of the cage which satisfied Warkentin. | |
| 12 | Sold a cockatoo on account to Tully Shaw, $1,200 plus tax of $72, terms n/30. Sale No. 104. | |
| 14 | Received cash on account from Rosa Alanso, $256. | |
| 15 | Rosa Alanso returned merchandise, $93.28 including tax of $5.28. | |
| 15 | Cash sales for the week were $2,656.85 plus tax of $159.41. | |
| 16 | Received cash on account from Nancy Truelove, $58.25. | |
| 18 | Received cash for boarding and grooming services, $535 plus tax of $32.10. | |
| 19 | Received cash on account from Ed Cochran, $63.25. | |
| 20 | Sold pet supplies on account to Susan Hays, $83.33 plus tax of $5, terms n/30. Sale No. 105. | |
| 21 | Sold three Labrador Retriever puppies to All American Day Camp, $375 plus tax of $22.50, terms n/30. Sale No. 106. | |
| 22 | Cash sales for the week were $3,122.45 plus tax of $187.35. | |
| 23 | Received cash for boarding and grooming services, $515 plus tax of $30.90. | |
| 25 | Received cash on account from Ken Shank, $132.50. | |
| 26 | Received cash on account from Nancy Truelove, $72.35. | |
| 27 | Received cash on account from Joe Gloy, $273.25. | |
| 28 | Borrowed cash to purchase a pet limousine, $11,000. | |
| 29 | Cash sales for the week were $2,835.45 plus tax of $170.13. | |
| 30 | Received cash for boarding and grooming services, $488 plus tax of $29.28. |
Wayward had the following general ledger account balances as of September 1:
|
|
Account
|
General Ledger
|
|
Account Title
|
No.
|
Balance on Sept. 1
|
| Cash | 101 | $23,500.25 |
| Accounts Receivable | 122 | 850.75 |
| Notes Payable | 201 | 2,500.00 |
| Sales Tax Payable | 231 | 909.90 |
| Sales | 401 | 13,050.48 |
| Sales Returns and Allowances | 401.1 | 86.00 |
| Boarding and Grooming Revenue | 402 | 2,115.00 |
Wayward also had the following accounts receivable ledger balances as of September 1:
|
|
Accounts Receivable
|
|
Customer
|
Balance
|
| Rosa Alanso | $456.00 |
| Ed Cochran | 63.25 |
| Joe Gloy | 273.25 |
| Nancy Truelove | 58.25 |
New customers opening accounts during September were as follows:
| All American Day Camp | Tully Shaw |
| Susan Hays | Jean Warkentin |
| Ken Shank |
Required:
| 1. | Enter the transactions for the month of September in a general journal. (Begin with page 7.) |
| 2. | Post the entries to the general and subsidiary ledgers. |
| 3. | Prepare a schedule of accounts receivable. |
| 4. | Compute the net sales for the month of September. |
1. Enter the transactions for the month of September in a general journal.
General Journal Instructions
GENERAL JOURNAL
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GENERAL JOURNAL
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General Ledger Instructions
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