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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. Checkbook Register 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 616 was paid within the discount period on 8/10. The remaining August purchases were not paid until September. 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, $560.00 × 0.08 = $44.80). 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. Other August Transactions There were two other transactions in August. Neither involved cash. Required 1. Journalize the transactions for August. Ask your instructor whether you should use the special journals or the general journal. 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 CLGL. 3. Prepare a trial balance as of August 31, 20--. 4. Prepare a schedule of accounts receivable as of August 31, 20--. 5. Prepare a schedule of accounts payable as of August 31, 20--.

BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 10, Problem 1CP
Textbook Problem

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.

Checkbook Register

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 616 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

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, $560.00 × 0.08 = $44.80). 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

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

Required

  1. 1. Journalize the transactions for August. Ask your instructor whether you should use the special journals or the general journal.
    • 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 CLGL.
  3. 3. Prepare a trial balance as of August 31, 20--.
  4. 4. Prepare a schedule of accounts receivable as of August 31, 20--.
  5. 5. Prepare a schedule of accounts payable as of August 31, 20--.

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Chapter 10 Solutions

College Accounting (Book Only): A Career Approach
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