Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%. Dec. 1 Received payment on account from Michael Anderson, $1,360. 2 Received payment on account from Ansel Manufacturing, $382. 7 Cash sales for the week were $3,160 plus tax. Bank credit card sales for the week were $1,000 plus tax. Bank credit card fee is 3%. 8 Received payment on account from J. Gorbea, $880. 11 Michael Anderson returned merchandise for a credit, $60 plus tax. 14 Cash sales for the week were $2,800 plus tax. Bank credit card sales for the week were $800 plus tax. Bank credit card fee is 3%. 20 Received payment on account from Tom Wilson, $1,110. 21 Ansel Manufacturing returned merchandise for a credit, $22 plus tax. 21 Cash sales for the week were $3,200 plus tax. 24 Received payment on account from Rachel Carson, $2,000 The beginning general ledger account balances have been entered in the accounts. Post from the journal to the general ledger accounts. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. After posting to the general ledger, go to part 1 and complete the posting. Enter the transactions in chronological order and in the order posted in part 1. Cash $9,862 Accounts Receivable 9,352

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 3MC

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Cash Receipts Transactions

Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%.

Dec. 1	Received payment on account from Michael Anderson, $1,360.
2	Received payment on account from Ansel Manufacturing, $382.
7	Cash sales for the week were $3,160 plus tax. Bank credit card sales for the week were $1,000 plus tax. Bank credit card fee is 3%.
8	Received payment on account from J. Gorbea, $880.
11	Michael Anderson returned merchandise for a credit, $60 plus tax.
14	Cash sales for the week were $2,800 plus tax. Bank credit card sales for the week were $800 plus tax. Bank credit card fee is 3%.
20	Received payment on account from Tom Wilson, $1,110.
21	Ansel Manufacturing returned merchandise for a credit, $22 plus tax.
21	Cash sales for the week were $3,200 plus tax.
24	Received payment on account from Rachel Carson, $2,000

The beginning general ledger account balances have been entered in the accounts. Post from the journal to the general ledger accounts. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. After posting to the general ledger, go to part 1 and complete the posting. Enter the transactions in chronological order and in the order posted in part 1.

Cash	$9,862
Accounts Receivable	9,352

ACCOUNT
Sales Tax Payable
ACCOUNT NO.
231
BALANCE
DATE
ITEM
POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
Dec. 2 X
J20
Dec. 7 V
J20
Dec. 8 X
J20
Dec. 14 V
J20
Dec. 14 V
J21
Dec. 21 V
J21
Dec. 24 X
J21
ACCOUNT
Sales
ACCOUNT NO.
401
BALANCE
DATE
ITEM POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
J20
J20
J20
J21
J21

ACCOUNT
Sales Returns and Allowances
ACCOUNT NO.
401.1
BALANCE
DATE
ITEM POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
J20
J21
ACCOUNT
Bank Credit Card Expense
ACCOUNT NO.
513
BALANCE
DATE
ITEM POST. REF.
DEBIT
CREDIT
DEBIT
CREDIT
20--
J20
J21

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