SALES TRANSACTIONS AND T ACCOUNTS Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each part, 1–5. 1. No sales tax. (a) Merchandise is sold for $320 cash. (b) Merchandise is sold on account for $385. (c) Payment is received for merchandise sold on account. 2. 5% sales tax. (a) Merchandise is sold for $320 cash plus sales tax. (b) Merchandise is sold on account for $385 plus sales tax. (c) Payment is received for merchandise sold on account. 3. Cash and credit sales, with returned merchandise. (a) Merchandise is sold for $340 cash. (b) $30 of merchandise sold for $340 is returned for refund. (c) Merchandise is sold on account for $280. (d) $25 of merchandise sold for $280 is returned for a credit. (e) Payment is received for balance owed on merchandise sold on account. 4. 5% sales tax, with returned merchandise. (a) Merchandise is sold on account for $400 plus sales tax. (b) Merchandise sold on account for $60 plus sales tax is returned for a credit. (c) Balance on account is received in cash. (d) Merchandise is sold for $260 cash plus sales tax. (e) $40 of merchandise sold for $260 cash plus sales tax is returned for a refund. 5. Sales on account, with 2/10, n/30 cash discount terms. (a) Merchandise is sold on account for $450. (b) The balance is paid within the discount period. (c) Merchandise is sold on account for $280. (d) The balance is paid after the discount period.

BuyFind

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
BuyFind

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160

Solutions

Chapter
Section
Chapter 10, Problem 2SEA
Textbook Problem

SALES TRANSACTIONS AND T ACCOUNTS Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each part, 1–5.

  1. 1. No sales tax.
    1. (a) Merchandise is sold for $320 cash.
    2. (b) Merchandise is sold on account for $385.
    3. (c) Payment is received for merchandise sold on account.
  2. 2. 5% sales tax.
    1. (a) Merchandise is sold for $320 cash plus sales tax.
    2. (b) Merchandise is sold on account for $385 plus sales tax.
    3. (c) Payment is received for merchandise sold on account.
  3. 3. Cash and credit sales, with returned merchandise.
    1. (a) Merchandise is sold for $340 cash.
    2. (b) $30 of merchandise sold for $340 is returned for refund.
    3. (c) Merchandise is sold on account for $280.
    4. (d) $25 of merchandise sold for $280 is returned for a credit.
    5. (e) Payment is received for balance owed on merchandise sold on account.
  4. 4. 5% sales tax, with returned merchandise.
    1. (a) Merchandise is sold on account for $400 plus sales tax.
    2. (b) Merchandise sold on account for $60 plus sales tax is returned for a credit.
    3. (c) Balance on account is received in cash.
    4. (d) Merchandise is sold for $260 cash plus sales tax.
    5. (e) $40 of merchandise sold for $260 cash plus sales tax is returned for a refund.
  5. 5. Sales on account, with 2/10, n/30 cash discount terms.
    1. (a) Merchandise is sold on account for $450.
    2. (b) The balance is paid within the discount period.
    3. (c) Merchandise is sold on account for $280.
    4. (d) The balance is paid after the discount period.

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Chapter 10 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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 - 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 - 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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