Bundle: College Accounting, Chapters 1-9, Loose-leaf Version, 23rd + Cengagenowv2, 1 Term Printed Access Card, Chs. 1-9 + Study Guide With Working Papers, Chs. 1-9
23rd Edition
ISBN: 9780357069257
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 12, Problem 6SPA
SALES JOURNAL Futi Ishanyan owns a retail business and made the following sales during the month of August 20--. There is a 6% sales tax on all sales.
Aug. 1 Sale No. 213 to Jeter Manufacturing Co., $1,300, plus sales tax.
3 Sale No. 214 to Hassan Co., $2,600, plus sales tax.
7 Sale No. 215 to Habrock, Inc., $1,700, plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 47870–8867.)
11 Sale No. 216 to Seth Mowbray, $1,400, plus sales tax.
18 Sale No. 217 to Hassan Co., $3,960, plus sales tax.
22 Sale No. 218 to Jeter Manufacturing Co., $2,800, plus sales tax.
30 Sale No. 219 to Seth Mowbray, $1,900, plus sales tax.
Required
- 1. Record the transactions in the sales journal starting with page 8. Total and verify the column totals and rule the columns.
- 2. Post from the sales journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Sales Transactions
J. K. Bijan owns a retail business and made the following sales on account during the
month of August 20--. There is a 6% sales tax on all sales.
Aug. 1 Sale No. 213 to Jung Manufacturing Co., $1,310 plus sales tax.
3 Sale No. 214 to Hassad Co., $3,740 plus sales tax.
* Sale No. 215 to Helsinki, Inc., $1,250 plus sales tax. (Open a new account for this
customer. Address is 125 Fishers Dr., Noblesville, IN 47870-8867.)
11 Sale No. 216 to Ardis Myler, $1,150 plus sales tax.
18 Sale No. 217 to Hassad Co., $4,150 plus sales tax.
22 Sale No. 218 to Jung Manufacturing Co., $1,980 plus sales tax.
30 Sale No. 219 to Ardis Myler, $1,560 plus sales tax.
Required:
1. Record the transactions starting on page 15 of a general journal. Enter the posting
references when you complete part 2.
GENERAL JOURNAL
PAGE 15
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Aug. 1
Sale No. 213
Aug. 3
Sale No. 214
Aug. 7
Sale No. 215
Aug. 11
During the month of September, the following transactions occurred. The applicable sales tax rate is 6%.
Sept. 2
Sold merchandise on account to Sam Larson, $1,400, plus sales tax.
7
Sold merchandise on account to David Mitchell, $1,900, plus sales tax.
12
Issued credit memorandum to Sam Larson for $689, including sales tax of $39.
22
Sold merchandise on account to Matt Feustal, $500, plus sales tax.
28
Sold merchandise on account to Ana Cardona, $850, plus sales tax.
Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank.
Page: 1
SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax.Apr. 1 Sale on account No. 111 to O. L. Meyers, $2,100 plus sales tax.3 Sale on account No. 112 to Andrew Plaa, $1,000 plus sales tax.6 O. L. Meyers returned merchandise from Sale No. 111 for a credit(Credit Memo No. 42), $50 plus sales tax.7 Cash sales for the week were $3,240 plus sales tax.9 Received payment from O. L. Meyers for Sale No. 111 less CreditMemo No. 42.12 Sale on account No. 113 to Melissa Richfield, $980 plus sales tax.14 Cash sales for the week were $2,180 plus sales tax.17 Melissa Richfield returned merchandise from Sale No. 113 for a credit(Credit Memo No. 43), $40 plus sales tax.19 Sale on account No. 114 to Kelsay Munkres, $1,020 plus sales tax.21 Cash sales for the week were $2,600 plus sales tax.24 Sale on account No. 115 to O. L. Meyers, $920 plus sales tax.27 Sale on account No. 116 to Andrew…
Chapter 12 Solutions
Bundle: College Accounting, Chapters 1-9, Loose-leaf Version, 23rd + Cengagenowv2, 1 Term Printed Access Card, Chs. 1-9 + Study Guide With Working Papers, Chs. 1-9
Ch. 12 - LO1 The types of special journals a business uses...Ch. 12 - Prob. 2TFCh. 12 - Prob. 3TFCh. 12 - Prob. 4TFCh. 12 - LO4 Purchases returns and allowances are recorded...Ch. 12 - The first step in posting the sales journal to the...Ch. 12 - LO3 In the cash receipts journal, each amount in...Ch. 12 - The journal that should be used to record the...Ch. 12 - A purchases journal usually is used to record all...Ch. 12 - In the cash payments journal, each amount in the...
Ch. 12 - Prob. 1CECh. 12 - LO3 Enter the following transactions in a cash...Ch. 12 - LO4 Enter the following transaction in a purchases...Ch. 12 - Enter the following transactions in a cash...Ch. 12 - Prob. 1RQCh. 12 - List four items of information about each sale...Ch. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - What steps are followed in posting from the cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEACh. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - Prob. 5SEACh. 12 - SALES JOURNAL Futi Ishanyan owns a retail business...Ch. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - PURCHASES JOURNAL J. B. Speck, owner of Specks...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPACh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEBCh. 12 - Prob. 3SEBCh. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH PAYMENTS Sandcastles Northwest...Ch. 12 - SALES JOURNAL T. M. Maxwell owns a retail business...Ch. 12 - Prob. 7SPBCh. 12 - SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL...Ch. 12 - PURCHASES JOURNAL Ann Benton, owner of Bentons...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPBCh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - Prob. 1MYWCh. 12 - Judy Baresford, the store manager of Comfort...Ch. 12 - During the month of October 20--, The Pink Petal...Ch. 12 - Screpcap Co. had the following transactions during...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.arrow_forwardSALES TRANSACTIONS J. K. Bijan owns a retail business and made the following sales on account during the month of August 20--. There is a 6% sales tax on all sales. REQUIRED 1. Record the transactions starting on page 15 of a general journal. 2. Post from the journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.arrow_forwardMonster Drinks sells twenty-four cases of beverages on October 18 for $120 per case. On October 25, Monster sells another thirty-five cases for $140 per case. Sales tax is computed at 4% of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on November 5.arrow_forward
- Sales and Cash Receipts Transactions Sourk Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Mar. 1 Sale on account No. 33C to Donachie & Co., $1,700 plus sales tax. 3 Sale on account No. 33D to R. J. Kibubu, Inc., $2,190 plus sales tax. 5 Donachie & Co. returned merchandise from Sale No. 33C for a credit (Credit Memo No. 66), $40 plus sales tax. 7 Cash sales for the week were $3,140 plus sales tax. 10 Received payment from Donachie & Co. for Sale No. 33C less Credit Memo No. 66. 11 Sale on account No. 33E to Eck Bakery, $1,230 plus sales tax. 13 Received payment from R. J. Kibubu for Sale No. 33D. 14 Cash sales for the week were $4,100 plus sales tax. 16 Eck Bakery returned merchandise from Sale No. 33E for a credit (Credit Memo No. 67), $34 plus sales tax. 18 Sale on account No. 33F to R. J. Kibubu, Inc., $2,580 plus sales tax. 20 Received payment from Eck Bakery for Sale No. 33E less Credit Memo…arrow_forwardDuring the month of September, the following transactions occurred. The applicable sales tax rate is 6%. Sept. 2 Sold merchandise on account to Sam Larson, $1,400, plus sales tax. 7 Sold merchandise on account to David Mitchell, $1,900, plus sales tax. 12 Issued credit memorandum to Sam Larson for $689, including sales tax of $39. 22 Sold merchandise on account to Matt Feustal, $500, plus sales tax. 28 Sold merchandise on account to Ana Cardona, $850, plus sales tax. Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Sept. 2 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 fill in the blank 8 fill in the blank 9 3 4 Sept. 7 fill in the blank 11 fill in the blank 12 4 5 fill in the blank 14 fill in the blank 15 5 6 fill in the blank 17 fill in the…arrow_forwardUse the following transactions to answer the questions. Use a 7% sales tax rate. Total and rule the sales journal. Aug. 1 Sold merchandise on account to Beth Deleo, $1,500, plus sales tax. 5 Sold merchandise on account to Bill Serrato, $1,850, plus sales tax. 11 Issued credit memorandum to Beth Deleo for $428, including sales tax of $28. 22 Sold merchandise on account to Donna Whitten, $680, plus sales tax. 25 Sold merchandise on account to Rob Thompson, $750, plus sales tax. Prepare the sales journal using the above transactions, as appropriate. If required, round answers to the nearest cent. SALES JOURNAL Page 1 Accounts Sales Tax Receivable Sales Payable Date Sale No. To Whom Sold Post. Ref. Debit Credit Credit Aug. 1 Beth Deleo Bill Serrato 22 Donna Whitten 25 Rob Thompson Prepare the general journal using the above transactions, as appropriate. If an amount box does not require, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 1 Aug. 11 2. 3 3.arrow_forward
- Bramble Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $23,100. All sales are subject to a 10% sales tax. (a1) Compute sales taxes payable. Sales taxes payable $arrow_forwardJournalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. May 1 Sold merchandise on account to J. Adams, $2,000, plus sales tax. Sale No. 488. 4 Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489. 8 Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490. 11 Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491.arrow_forwardJournalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. May 1 Sold merchandise on account to J. Adams, $2,000, plus sales tax. Sale No. 488. 4 Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489. 8 Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490. 11 Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491 Page: 1 SALES TAX PAYABLE ACCOUNTS GENERAL SALES SALE POST. DATE TO WHOM SOLD RECEIVABLE REF. DEBIT CREDIT NO. CREDIT DEBIT CREDIT М.d 1 1 М.d 2 2 М.d 3 М.d 4 0000arrow_forward
- Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are recorded at the point of sale. a. Assume that sales are subject to a 6% sales tax. Record the sales entry.b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry. ● Note: Round your answers to the nearest whole dollar. Account Name Dr. Cr. a. To record the sale entry. b. To record the sale entry.arrow_forwardUse the following transactions to answer the questions. Use a 6% sales tax rate. Total and rule the sales journal. Jan. 3 Sold merchandise on account to J. J. Johnson, $1,500, plus sales tax. Sold merchandise on account to C. Lopez, $2,100, plus sales tax. 14 Issued credit memorandum to J. J. Johnson for $530, including sales tax of $30. 19 Sold merchandise on account to H. Hertz, $700, plus sales tax. 29 Sold merchandise on account to G. Cardolo, $1,100, plus sales tax. Prepare the sales journal using the above transactions, as appropriate. SALES JOURNAL Page 1 Accounts Sales Tax Receivable Sales Payable Date Sale No. To Whom Sold Post. Ref. Debit Credit Credit Jan. 3 J. J. Johnson C. Lopez 19 H. Hertz 29 G. Cardolo Prepare the general journal using the above transactions, as appropriate. If an amount box does not require, "leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Jan. 14 1. 3 3 Check My Work more Check My Work uses remaining. All worarrow_forwardSales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $486,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $286,740. If an amount box does not require an entry, leave it blank. b. Paid $42,780 to the state sales tax department for taxes collected. If an amount box does not require an entry, leave it blank. Check My Work ▾ Previous Nextarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License