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August Journal Entries Ms. Valli has provided the transactions for the month of August to be entered in the system. All About You Spa does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select “Cash Sales” as the customer for all cash sales transactions. Checkbook Register *If using QuickBooks, record the following transactions in the general journal. Purchases Invoices for Merchandise Bought on Account During August All About You Spa will pay all freight costs associated with purchases of merchandise to the supplier. Invoice 416 was paid within the discount period on 8/10. The remaining August purchases were not paid until September. *If using QuickBooks, you can record the purchase invoices in the general journal or use the Enter Bills application from the home page. Sales Invoices for Gift Certificates Sold on Account During August All About You Spa is responsible for collecting and paying the sales tax on merchandise that it sells. The sales tax rate where All About You Spa does business is 8 percent of each sale (for example, $650.00 × 0.08 = $52.00). Invoice 25 was received within the discount period on 8/23. (Apply the discount to the invoice amount. Disregard the sales tax when calculating the discount.) The remaining August sales were not received until September. *If using QuickBooks, you can record the sales invoices in the general journal or use the Create Invoices application from the home page. Other August Transactions There were two other transactions in August. Neither involved cash. *If using QuickBooks, you can record the other July transactions in the general journal or use the Enter Bills application from the home page to record purchases. Owner investments should be recorded in the general journal. Required 1. Journalize the transactions for August (in date order), or if you are using QuickBooks, you can use the forms-based approach from the home page as appropriate to record transactions. Ask your instructor whether you should use the special journals, the general journal, or the forms-based approach with QuickBooks. If you are preparing the journal entries manually, enter your transactions beginning on page 11. 2. Post the entries to the accounts receivable, accounts payable, and general ledger. Ignore this step if you are using QuickBooks or general ledger. 3. Prepare a trial balance as of August 31, 20--. 4. Prepare a schedule of accounts receivable or A/R Aging Detail report if using QuickBooks as of August 31, 20--. 5. Prepare a schedule of accounts payable or A/P Aging Detail report if using uickBooks as of August 31, 20--.

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College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

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Section
BuyFindarrow_forward

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
Chapter 10, Problem 1CP
Textbook Problem
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August Journal Entries

Ms. Valli has provided the transactions for the month of August to be entered in the system. All About You Spa does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select “Cash Sales” as the customer for all cash sales transactions.

Checkbook Register

*If using QuickBooks, record the following transactions in the general journal.

Chapter 10, Problem 1CP, August Journal Entries Ms. Valli has provided the transactions for the month of August to be entered , example  1

Chapter 10, Problem 1CP, August Journal Entries Ms. Valli has provided the transactions for the month of August to be entered , example  2

Purchases Invoices for Merchandise Bought on Account During August

All About You Spa will pay all freight costs associated with purchases of merchandise to the supplier. Invoice 416 was paid within the discount period on 8/10. The remaining August purchases were not paid until September.

Chapter 10, Problem 1CP, August Journal Entries Ms. Valli has provided the transactions for the month of August to be entered , example  3

*If using QuickBooks, you can record the purchase invoices in the general journal or use the Enter Bills application from the home page.

Sales Invoices for Gift Certificates Sold on Account During August

All About You Spa is responsible for collecting and paying the sales tax on merchandise that it sells. The sales tax rate where All About You Spa does business is 8 percent of each sale (for example, $650.00 × 0.08 = $52.00). Invoice 25 was received within the discount period on 8/23. (Apply the discount to the invoice amount. Disregard the sales tax when calculating the discount.) The remaining August sales were not received until September.

Chapter 10, Problem 1CP, August Journal Entries Ms. Valli has provided the transactions for the month of August to be entered , example  4

*If using QuickBooks, you can record the sales invoices in the general journal or use the Create Invoices application from the home page.

Other August Transactions

There were two other transactions in August. Neither involved cash.

Chapter 10, Problem 1CP, August Journal Entries Ms. Valli has provided the transactions for the month of August to be entered , example  5

*If using QuickBooks, you can record the other July transactions in the general journal or use the Enter Bills application from the home page to record purchases. Owner investments should be recorded in the general journal.

Required

  1. 1. Journalize the transactions for August (in date order), or if you are using QuickBooks, you can use the forms-based approach from the home page as appropriate to record transactions. Ask your instructor whether you should use the special journals, the general journal, or the forms-based approach with QuickBooks.
    • If you are preparing the journal entries manually, enter your transactions beginning on page 11.
  2. 2. Post the entries to the accounts receivable, accounts payable, and general ledger.
    • Ignore this step if you are using QuickBooks or general ledger.
  3. 3. Prepare a trial balance as of August 31, 20--.
  4. 4. Prepare a schedule of accounts receivable or A/R Aging Detail report if using QuickBooks as of August 31, 20--.
  5. 5. Prepare a schedule of accounts payable or A/P Aging Detail report if using uickBooks as of August 31, 20--.

1.

To determine

Journalize the transactions using special journals for August.

Explanation of Solution

Special journal: It is a book which records some specific kinds of transactions such as cash receipts, cash payments, credit sales, and credit purchases. Special journal is created for any kind of transaction. A business uses special journals depending on the types of transactions that occur most repeatedly. If a specific type of transactions occur often, it is more likely a special journal of that type would be beneficial for the business.

Journalize the transactions using special journals.

  • Cash Receipts Journal

Table (1)

Equality of debits and credits for cash receipts journal.

EQUALITY OF DEBITS AND CREDITS
DEBITS ($)CREDITS ($)
25224.663765.24
17.46  12,676.00
   7,210.00
   1,590.88
 $25,242.12 $25,242.12

Table (2)

  • Cash Payments Journal

Table (3)

Equality of debits and credits for cash payments journal:

EQUALITY OF DEBITS AND CREDITS
DEBITS ($)CREDITS ($)
16,649...

2.

To determine

Post the entries to the accounts receivable, accounts payable and general ledger.

3.

To determine

Prepare a trial balance for 31st August.

4.

To determine

Prepare a schedule of accounts receivable for 31st August.

5.

To determine

Prepare a schedule of accounts payable for 31st August.

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Chapter 10 Solutions

College Accounting (Book Only): A Career Approach
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