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Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady customers have credit accounts. Bell’s sales staff fills out a sales slip for each sale. There is a state retail sales tax of 5 percent, which is collected by the retailer and submitted to the state. The balances of the accounts as of March 1 have been recorded in the general ledger in your Working Papers or in CengageNow. The following represent Bell Florists’ charge sales for March: Mar. 4 Sold potted plant on account to C. Morales, sales slip no. 242, $27, plus sales tax of $1.35, total $28.35. 6 Sold floral arrangement on account to R. Dixon, sales slip no. 267, $54, plus sales tax of $2.70, total $56.70. 12 Sold corsage on account to B. Cox, sales slip no. 279, $16, plus sales tax of $0.80, total $16.80. 16 Sold wreath on account to All-Star Legion, sales slip no. 296, $104, plus sales tax of $5.20, total $109.20. 18 Sold floral arrangements on account to Tucker Funeral Home, sales slip no. 314, $260, plus sales tax of $13, total $273. 21 Tucker Funeral Home complained about a wrinkled ribbon on the floral arrangement. Bell Florists allowed a $30 credit plus sales tax of $1.50, credit memo no. 27. 23 Sold flower arrangements on account to Price Savings and Loan Association for its fifth anniversary, sales slip no. 337, $180, plus sales tax of $9, total $189. 24 Allowed Price Savings and Loan Association credit, $25, plus sales tax of $1.25, because of a few withered blossoms in floral arrangements, credit memo no. 28. Required 1. Record these transactions in the general journal.* 2. Post the amounts from the general journal to the general ledger and accounts receivable ledger: Accounts Receivable 113, Sales Tax Payable 214, Sales 411, Sales Returns and Allowances 412. 3. Prepare a schedule of accounts receivable and compare its total with the balance of the Accounts Receivable controlling account.

BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
Chapter 9, Problem 1PA
Textbook Problem

Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady customers have credit accounts. Bell’s sales staff fills out a sales slip for each sale. There is a state retail sales tax of 5 percent, which is collected by the retailer and submitted to the state. The balances of the accounts as of March 1 have been recorded in the general ledger in your Working Papers or in CengageNow. The following represent Bell Florists’ charge sales for March:

Mar. 4    Sold potted plant on account to C. Morales, sales slip no. 242, $27, plus sales tax of $1.35, total $28.35.

6    Sold floral arrangement on account to R. Dixon, sales slip no. 267, $54, plus sales tax of $2.70, total $56.70.

12    Sold corsage on account to B. Cox, sales slip no. 279, $16, plus sales tax of $0.80, total $16.80.

16    Sold wreath on account to All-Star Legion, sales slip no. 296, $104, plus sales tax of $5.20, total $109.20.

18    Sold floral arrangements on account to Tucker Funeral Home, sales slip no. 314, $260, plus sales tax of $13, total $273.

21    Tucker Funeral Home complained about a wrinkled ribbon on the floral arrangement. Bell Florists allowed a $30 credit plus sales tax of $1.50, credit memo no. 27.

23    Sold flower arrangements on account to Price Savings and Loan Association for its fifth anniversary, sales slip no. 337, $180, plus sales tax of $9, total $189.

24    Allowed Price Savings and Loan Association credit, $25, plus sales tax of $1.25, because of a few withered blossoms in floral arrangements, credit memo no. 28.

Required

  1. 1. Record these transactions in the general journal.*
  2. 2. Post the amounts from the general journal to the general ledger and accounts receivable ledger: Accounts Receivable 113, Sales Tax Payable 214, Sales 411, Sales Returns and Allowances 412.
  3. 3. Prepare a schedule of accounts receivable and compare its total with the balance of the Accounts Receivable controlling account.

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Chapter 9 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - What is the purpose of each of the following? a....Ch. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - With regard to goods sold and purchased, explain...Ch. 9 - Explain the meaning and importance of the shipping...Ch. 9 - Describe the four procedures that most companies...Ch. 9 - Describe the posting procedures to the general...Ch. 9 - Describe the procedure for posting each of the...Ch. 9 - Who issues a credit memorandum and why?Ch. 9 - What is the difference between a periodic...Ch. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Abbott Florists sells flowers on a retail basis....Ch. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - R. J. Hinton Company sells electrical supplies on...Ch. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Jax Mercantile Co. has been northern Colorados...Ch. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Ms. Valli of All About You Spa has decided to...

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