Prepare journal entries for the following transactions. Oct. 5 Sold merchandise on account to B. Farnsby for $290 plus sales tax of 4%. 8 Sold merchandise on account to F. Preetee for $180 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 11 F. Preetee returned merchandise purchased on October 8 for $40 plus sales tax for credit. 17 F. Preetee paid the balance due on her account. 18 B. Farnsby returned merchandise purchased on October 5 for $80 plus sales tax for credit. 20 B. Farnsby paid the balance due on his account. Required: Prepare journal entries.

Prepare journal entries for the following transactions. Oct. 5 Sold merchandise on account to B. Farnsby for $290 plus sales tax of 4%. 8 Sold merchandise on account to F. Preetee for $180 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 11 F. Preetee returned merchandise purchased on October 8 for $40 plus sales tax for credit. 17 F. Preetee paid the balance due on her account. 18 B. Farnsby returned merchandise purchased on October 5 for $80 plus sales tax for credit. 20 B. Farnsby paid the balance due on his account. Required: Prepare journal entries.

Name: Prepare journal entries for the following transactions.Oct. 5Sold merc
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Description: Prepare journal entries for the following transactions.Oct. 5Sold merchandise on account to B. Farnsby for $290 plus sales tax of 4%.8Sold merchandise on account to F. Preetee for $180 plus sales tax of 4%, with 2/10, n/30 cash discount terms.11F. Pr

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to S. Miller for $280 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 6 Sold merchandise on account to K. Krtek for $200 plus sales tax of 4%. 10 S. Miller returned merchandise purchased on August 4 for $30 plus sales tax for credit. 13 S. Miller paid the balance due on her account. 15 K. Krtek returned merchandise purchased on August 6 for $40 plus sales tax for credit. 20 K. Krtek paid the balance due on his account. 1 2 3 4 5 LO 6 7 8 9 DATE ACCOUNT TITLE 20-- Aug. 4 Aug. 6 Page: 1 Aug. 10 DOC. POST. NO. REF. DEBIT CREDIT 1 2 3 456789 Previous Next
JOURNALIZING SALES, SALES RETURNS AND ALLOWANCES, AND CASH RECEIPTS. Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to S. Miller for $320 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 6 6 Sold merchandise on account to K. Krtek for $210 plus sales tax of 4%. 10 S. Miller returned merchandise purchased on August 4 for $20 plus sales taxfor credit. Aug. 13 S. Miller paid the balance due on her account 15 K. Krtek returned merchandise purchased on August 6 for $40 plus sales taxfor credit. 20 K. Krtek paid the balance due on his account
Journalizing Sales, Sales Returns and Allowances, and Cash Receipts Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to S. Miller for $390 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 6 Sold merchandise on account to K. Krtek for $150 plus sales tax of 4%. 10 S. Miller returned merchandise purchased on August 4 for $40 plus sales tax for credit. 13 S. Miller paid the balance due on her account. 15 K. Krtek returned merchandise purchased on August 6 for $50 plus sales tax for credit. 20 K. Krtek paid the balance due on his account. Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Aug. 4 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 4 5 Aug. 6 fill in the blank 11 fill in the blank 12 5 6 fill in the blank 14 fill in the blank 15…
Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, $680 plus $54.40 sales tax (invoice no. D446). Bauer returned $105.50 of the merchandise. Issued credit memo no. 114 for $113.94 ($105.50 for the amount of the sale plus $8.44 for the amount of the sales tax.
Use 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 wor
Journalizing Sales, Sales Returms and Allowances, and Cash Receipts Prepare journal entries for the following transactions. Oct. 5 Sold merchandise on account to B. Farnsby for $300 plus sales tax of 4%. 8 Sold merchandise on account to F. Preetee for $230 plus sales tax of 4%, with 2/10, /30 cash discount terms. 11 F. Preetee returned merchandise purchased on October 8 for $50 plus sales tax for credit. 17 F. Preetee paid the balance due on her account. 18 B. Farnsby returned merchandise purchased on October 5 for $60 plus sales tax for credit. 20 B. Farnsby paid the balance due on his account. If required, round your answers to two decimal places. an amount box does not require an entry, leave it blank. Page: 1 DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- Oct. 5 4. Oct. 8 000 000
Enter the following transactions in the General Journal. Calculate GST @ 5% and PST @ 6% on all transactions as applicable Note the following: o All amounts given are pre-tax values. o Discounts are determined on pre-tax amounts. 2 Bought merchandise on account from KFG Manufacturing, $7,500. Invoice #321. terms 2/10, n/30. July 4. Paid Johnson's Trucking for transporting the merchandise bought from KFG Manufacturing, $350. Paid by cheque #65. 4. Sold $435 worth of merchandise to Alfred Wren. He paid by cheque # 42. 4. A. Wren returned $65 worth of merchandise due to damage. A full cash refund was issued. 11. Paid KFG Manufacturing for Invoice #321. Cheque #66. 12. The owner of KFG Manufacturing withdraw cash of $500 from the business and took a used desk valued at $350. 15. Bought equipment for the store for $2650.00 16. Paid telephone expense $900 (include GST & PST)
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 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…
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.
Jacob Co. sells merchandise on credit to Isaiah Co. for $10,400. The invoice is dated on May 1 with terms of 2/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? Oa. $208, May 15 Ob. $416, May 15 Oc. $416, May 16 Od. $208, May 16
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

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Oct. 5	Sold merchandise on account to B. Farnsby for $290 plus sales tax of 4%.
8	Sold merchandise on account to F. Preetee for $180 plus sales tax of 4%, with 2/10, n/30 cash discount terms.
11	F. Preetee returned merchandise purchased on October 8 for $40 plus sales tax for credit.
17	F. Preetee paid the balance due on her account.
18	B. Farnsby returned merchandise purchased on October 5 for $80 plus sales tax for credit.
20	B. Farnsby paid the balance due on his account.