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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: 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: Wayward also had the following accounts receivable ledger balances as of September 1: New customers opening accounts during September were as follows: All American Day Camp 3025 Old Mill Run Bloomington, IN 47408-1080 Tully Shaw 3315 Longview Avenue Bloomington, IN 47401-7223 Susan Hays 1424 Jackson Creek Road Nashville, IN 47448-2245 Jean Warkentin 1813 Deep Well Court Bloomington, IN 47401-5124 Ken Shank 6422 E. Bender Road Bloomington, IN 47401-7756 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. Open new accounts for any customers who did not have a balance as of September 1. 3. Prepare a schedule of accounts receivable. 4. Compute the net sales for the month of September.

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 10, Problem 1MP
Textbook Problem

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:

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:

Chapter 10, Problem 1MP, Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, If your pet , example  1

Wayward also had the following accounts receivable ledger balances as of September 1:

Chapter 10, Problem 1MP, Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, If your pet , example  2

New customers opening accounts during September were as follows:

All American Day Camp

3025 Old Mill Run

Bloomington, IN 47408-1080

Tully Shaw

3315 Longview Avenue

Bloomington, IN 47401-7223

Susan Hays

1424 Jackson Creek Road

Nashville, IN 47448-2245

Jean Warkentin

1813 Deep Well Court

Bloomington, IN 47401-5124

Ken Shank

6422 E. Bender Road

Bloomington, IN 47401-7756

REQUIRED

  1. 1. Enter the transactions for the month of September in a general journal. (Begin with page 7.)
  2. 2. Post the entries to the general and subsidiary ledgers. Open new accounts for any customers who did not have a balance as of September 1.
  3. 3. Prepare a schedule of accounts receivable.
  4. 4. Compute the net sales for the month of September.

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Chapter 10 Solutions

College Accounting, Chapters 1-27
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Ch. 10 - The sales transaction process for a wholesale...Ch. 10 - Prepare journal entries for the following sales...Ch. 10 - The following journal entries are for current...Ch. 10 - On March 24, MS Companys Accounts Receivable...Ch. 10 - Identify the sales documents commonly used in...Ch. 10 - What is the purpose of a credit memo?Ch. 10 - Describe how each of the following accounts is...Ch. 10 - What steps are followed in posting sales from the...Ch. 10 - What steps are followed in posting sales from the...Ch. 10 - What steps are followed in posting sales returns...Ch. 10 - What steps are followed in posting cash receipts...Ch. 10 - What steps are followed in posting cash receipts...Ch. 10 - If the total of the schedule of accounts...Ch. 10 - SALES DOCUMENTS For each document or procedure...Ch. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - COMPUTING NET SALES Based on the following...Ch. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - JOURNALIZING SALES, SALES RETURNS AND ALLOWANCES,...Ch. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - JOURNALIZING SALES RETURNS AND ALLOWANCES Enter...Ch. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS J. K. Bijan owns a retail...Ch. 10 - CASH RECEIPTS TRANSACTIONS Zebra Imaginarium, a...Ch. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Sourk...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - SALES DOCUMENTS Indicate whether each of the...Ch. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - COMPUTING NET SALES Based on the following...Ch. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - JOURNALIZING SALES, SALES RETURNS AND ALLOWANCES,...Ch. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - JOURNALIZING SALES RETURNS AND ALLOWANCES Enter...Ch. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS T. M. Maxwell owns a retail...Ch. 10 - CASH RECEIPTS TRANSACTIONS Color Florists, a...Ch. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - You and your spouse have separate charge accounts...Ch. 10 - Wholesale Health Supply sells a variety of medical...Ch. 10 - Geoff and Sandy Harland own and operate Wayward...Ch. 10 - Enter the following transactions in a general...

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