College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
Prepare journal entries for the following sales and cash receipts transactions.
- (a) Merchandise is sold on account for $300 plus 3% sales tax, with 2/10, n/30 cash discount terms.
- (b) Part of the merchandise sold in transaction (a) for $70 plus sales tax is returned for credit.
- (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
(a).
Journalize the sales on account transaction.
Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.
Debit and credit rules:
- Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.
- Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.
Prepare journal entry to record the credit sale transaction.
| Date | Account Titles and Explanation | Post Ref. | Debit ($) | Credit ($) | ||
| Accounts Receivable | 309 | |||||
| Sales | 300 | |||||
| Sales Tax Payable | 9 | |||||
| (Record credit sale) | ||||||
Table (1)
Description:
- Accounts Receivable is an asset account...
(b).
Journalize the merchandise returned transaction.
(c).
Journalize the cash collected from the sale on account.
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