May 1 received a check for $50 from virginia 50 On the forms provided in your wo
ID: 2546250 • Letter: M
Question
May 1 received a check for $50 from virginia 50 On the forms provided in your working papers: the accounts and enter beginning balances in T-Shirt Tr Ins Open n the customer accounts in the accounts receivable 2) ends' general ledger. subsidiary ledger and record the beginning balances. Decord the following transactions in the sales journal (page 9), the cash receipts ournal (page 10), and the general journal (page 2) t to the customer accounts daily from the journals. Post the entries in the General Credit column of the cash receipts journal daily 6) Post general journal entries daily (7) Foot, p 8) Post the column totals from the special journals. 9) Prepare a schedule of accounts receivable. rove, total, and rule the sales and cash receipts journals. Date Transactions May 1 Received a check for $50 from Virginia Williams in payment of her account, Receipt 202 Sandpiper Sports Club sent a check for $882 in payment of their $900 account less 2% cash discount, Receipt 203. Sold Virginia Williams $300 in merchandise plus 5% sales tax of $15, Sales Slip 404. Received a check for $1,470 from Hal's Fitness Studios in payment of their $ 1,500 account balance less 2% cash discount, Receipt 2004. Virginia williams returned $100 in merchandise pltus sales tax of ss issued Credit Memo 50. Sold $700 in merchandise on account to Sandpiper Sports Club plus sales tax of $35, terms, 2/10, n/30, Sales Slip 405 14 Received S25 from the sale of supplies to Hanson's Market, Receipt 206. 5Cash sales amounted to $2,000 plus sales tax of $100, Tape 27, Bankcard sales were $1,500 plus sales tax of $75, Tape 27 Issued Credit Memo 51 to Roundabout Fashions for $210, which included $200 in defective merchandise and a sales tax of $10 1 Continued Appendix GExplanation / Answer
1) Journal Entries: Date Accounts Titles Debit $ Credit $ 1-May Cash 50 AR 50 (Receipt 202) 3-May Cash 882 Trade discount 18 AR 900 (Receipt 203) 5-May AR 315 Sales revenue 300 Sales tax 15 (Sales slip 404) 7-May Cash 1470 Trade discount 30 AR 1500 (Receipt 204) 9-May Sales return 100 Sales tax 5 AR 105 (credit memo 50) 11-May AR 735 Sales revenue 700 Sales tax 35 (Sales slip 405) 13-May Cash 100 AR 100 (receipt 205) 14-May Cash 25 Sales revenue 25 (Receipt 206) 15-May Cash 2100 Sales revenue 2000 Sales tax 100 (Tape 27) 15-May Bankcard 1575 Sales revenue 1500 Sales tax 75 (Tape 27) 18-May Sales return 200 sales tax 10 AR 210 (credit memo 51) 22-May AR 3150 Sales revenue 3000 Sales tax 150 (Sales slip 406) 23-May Cash 1250 AR 1250 (Receipt 207) 24-May Cash 100 AR 100 (Receipt 208) 27-May AR 210 Sales revenue 200 Sales tax 10 (Sales slip 407) 28-May Cash 900 AR 900 (Receipt 208) 2) t-accounts: DEBIT AMOUNT$ CREDIT AMOUNT$ CASH A/C: 1-May 50 CB 6877 3 882 7 1470 13 100 14 25 15 2100 23 1250 24 100 28 900 Total 6877 Total 6877 AR A/C: 5-May 315 1-May 50 11 735 3 900 22 3150 7 1500 27 210 9 105 CB 705 13 100 18 210 23 1250 24 100 28 900 Total 5115 Total 5115 TRADE DISCOUNT A/C: 3-May 18 CB 48 7 30 SALES REVENUE A/C: CB 7725 5-May 300 11 700 14 25 15 2000 15 1500 22 3000 27 200 Total 7725 Total 7725 SALES TAX A/C: 9-May 5 5-May 15 18 10 11 35 360 15 100 15 75 22 150 Total 375 Total 375 SALES RETURN A/C: 9-May 100 CB 300 18 200 BANKCARD A/C: 15-May 1575