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Abbott Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady customers have credit accounts. Abbott’s sales staff fills out a sales slip for each sale. There is a state retail 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. Abbott Florists’ charge sales for March are as follows: Mar. 4 Sold floral arrangement on account to R. Duarte, sales slip no. 236, $45, plus sales tax of $2.25, total $47.25. 7 Sold potted plant on account to C. Meadows, sales slip no. 272, $61, plus sales tax of $3.05, total $64.05. 12 Sold wreath on account to Anthony Realty, sales slip no. 294, $63, plus sales tax of $3.15, total $66.15. 17 Sold floral arrangements on account to Travis Dress Shop, sales slip no. 299, $170, plus sales tax of $8.50, total $178.50. 20 Travis Dress Shop returned a flower spray, complaining that there were dead blooms. Abbott Florists allowed a credit of $36, plus sales tax of $1.80, credit memo no. 27. 21 Sold flower arrangements on account to Porter Computers for its anniversary, sales slip no. 310, $236, plus sales tax of $11.80, total $247.80. 22 Allowed Porter Computers credit, $25, plus sales tax of $1.25, because of withered blossoms in floral arrangements, credit memo no. 28. 27 Sold corsage on account to B. Crosby, sales slip no. 332, $30, plus sales tax of $1.50, total $31.50. 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.

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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 9, Problem 1PB
Textbook Problem

Abbott Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady customers have credit accounts. Abbott’s sales staff fills out a sales slip for each sale. There is a state retail 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. Abbott Florists’ charge sales for March are as follows:

Mar. 4    Sold floral arrangement on account to R. Duarte, sales slip no. 236, $45, plus sales tax of $2.25, total $47.25.

7    Sold potted plant on account to C. Meadows, sales slip no. 272, $61, plus sales tax of $3.05, total $64.05.

12    Sold wreath on account to Anthony Realty, sales slip no. 294, $63, plus sales tax of $3.15, total $66.15.

17    Sold floral arrangements on account to Travis Dress Shop, sales slip no. 299, $170, plus sales tax of $8.50, total $178.50.

20    Travis Dress Shop returned a flower spray, complaining that there were dead blooms. Abbott Florists allowed a credit of $36, plus sales tax of $1.80, credit memo no. 27.

21    Sold flower arrangements on account to Porter Computers for its anniversary, sales slip no. 310, $236, plus sales tax of $11.80, total $247.80.

22    Allowed Porter Computers credit, $25, plus sales tax of $1.25, because of withered blossoms in floral arrangements, credit memo no. 28.

27    Sold corsage on account to B. Crosby, sales slip no. 332, $30, plus sales tax of $1.50, total $31.50.

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
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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 - Sales and Purchases Ms. Valli of All About You Spa...

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