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The following transactions were completed by Nelson’s Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4 Received cash from M. Alex in payment of August 25 invoice of $275, less cash discount. 7 Issued Ck. No. 8175, $915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for $925, less cash discount of $9.25. 10 Sold merchandise in the amount of $175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is $5. 11 Issued Ck. No. 8176, $653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for $660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.’s credit terms are 1/10, n/45. 15 Received $95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19 Received $1,165 cash in payment of a $1,100 note receivable and interest of $65. 22 Voided Ck. No. 8177 due to error. 26 Received and paid telephone bill, $62; Ck. No. 8178, payable to Southern Telephone Company. 30 Paid wages recorded previously for the month, $3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.

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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 5PB
Textbook Problem

The following transactions were completed by Nelson’s Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point.

Sept. 4    Received cash from M. Alex in payment of August 25 invoice of $275, less cash discount.

7    Issued Ck. No. 8175, $915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for $925, less cash discount of $9.25.

10    Sold merchandise in the amount of $175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is $5.

11    Issued Ck. No. 8176, $653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for $660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.’s credit terms are 1/10, n/45.

15    Received $95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied.

19    Received $1,165 cash in payment of a $1,100 note receivable and interest of $65.

22    Voided Ck. No. 8177 due to error.

26    Received and paid telephone bill, $62; Ck. No. 8178, payable to Southern Telephone Company.

30    Paid wages recorded previously for the month, $3,266, Ck. No. 8179.

Required

  1. 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used.
  2. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.

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Chapter 10 Solutions

College Accounting (Book Only): A Career Approach
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