SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL JOURNAL Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,741; and Accounts Receivable, $1,058.25. Beginning customer account balances were Thompson Group, $1,058.25. Mar. 1 Sold merchandise to Able & Co., $1,800, plus sales tax. Sale No. 33C. 3 Sold merchandise to R. J. Kalas, Inc., $2,240, plus sales tax. Sale No. 33D. 5 Able & Co. returned merchandise from Sale No. 33C for a credit (Credit Memo No. 66), $30, plus sales tax. 7 Made cash sales for the week, $3,160, plus sales tax. 10 Received payment from Able & Co. for Sale No. 33C less Credit Memo No. 66. 11 Sold merchandise to Blevins Bakery, $1,210, plus sales tax. Sale No. 33E. 13 Received payment from R. J. Kalas for Sale No. 33D. 14 Made cash sales for the week, $4,200, plus sales tax. 16 Blevins Bakery returned merchandise from Sale No. 33E for a credit (Credit Memo No. 67), $44, plus sales tax. 18 Sold merchandise to R. J. Kalas, Inc., $2,620, plus sales tax. Sale No. 33F. 20 Received payment from Blevins Bakery for Sale No. 33E less Credit Memo No. 67. Mar. 21 Made cash sales for the week, $2,400, plus sales tax. 25 Sold merchandise to Blevins Bakery, $1,915, plus sales tax. Sale No. 33G. 27 Sold merchandise to Thompson Group, $2,016, plus sales tax. Sale No. 33H. 28 Made cash sales for the week, $3,500, plus sales tax. Required 1. Record the transactions in the sales journal, cash receipts journal, and general journal. Total, verify, and rule the columns where appropriate at the end of the month. 2. Post from the journals to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.

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 12, Problem 8SPA
Textbook Problem

SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL JOURNAL Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,741; and Accounts Receivable, $1,058.25. Beginning customer account balances were Thompson Group, $1,058.25.

Mar. 1    Sold merchandise to Able & Co., $1,800, plus sales tax. Sale No. 33C.

3    Sold merchandise to R. J. Kalas, Inc., $2,240, plus sales tax. Sale No. 33D.

5    Able & Co. returned merchandise from Sale No. 33C for a credit (Credit Memo No. 66), $30, plus sales tax.

7    Made cash sales for the week, $3,160, plus sales tax.

10    Received payment from Able & Co. for Sale No. 33C less Credit Memo No. 66.

11    Sold merchandise to Blevins Bakery, $1,210, plus sales tax. Sale No. 33E.

13    Received payment from R. J. Kalas for Sale No. 33D.

14    Made cash sales for the week, $4,200, plus sales tax.

16    Blevins Bakery returned merchandise from Sale No. 33E for a credit (Credit Memo No. 67), $44, plus sales tax.

18    Sold merchandise to R. J. Kalas, Inc., $2,620, plus sales tax. Sale No. 33F.

20    Received payment from Blevins Bakery for Sale No. 33E less Credit Memo No. 67.

Mar. 21    Made cash sales for the week, $2,400, plus sales tax.

25    Sold merchandise to Blevins Bakery, $1,915, plus sales tax. Sale No. 33G.

27    Sold merchandise to Thompson Group, $2,016, plus sales tax. Sale No. 33H.

28    Made cash sales for the week, $3,500, plus sales tax.

Required

  1. 1. Record the transactions in the sales journal, cash receipts journal, and general journal. Total, verify, and rule the columns where appropriate at the end of the month.
  2. 2. Post from the journals to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.

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Chapter 12 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 12 - LO2 Enter the following transaction in a sales...Ch. 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 - What is the primary purpose of using special...Ch. 12 - List four items of information about each sale...Ch. 12 - What steps are followed in posting from the sales...Ch. 12 - What steps are followed in posting from the sales...Ch. 12 - List three items of information about each cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - List four items of information about each purchase...Ch. 12 - What steps are followed in posting from the...Ch. 12 - What steps are followed in posting from the...Ch. 12 - List four items of information about each cash...Ch. 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 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH PAYMENTS Lakeview Industries...Ch. 12 - SALES JOURNAL Futi Ishanyan owns a retail business...Ch. 12 - CASH RECEIPTS JOURNAL Zebra Imaginarium, a retail...Ch. 12 - SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL...Ch. 12 - PURCHASES JOURNAL J. B. Speck, owner of Specks...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - CASH PAYMENTS JOURNAL Sam Santiago operates a...Ch. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 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 - CASH RECEIPTS JOURNAL Color Florists, a retail...Ch. 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 - CASH PAYMENTS JOURNAL Kay Zembrowski operates a...Ch. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - You have a part-time job as a bookkeeper at a...Ch. 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...

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