College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 12, Problem 1CP
Screpcap Co. had the following transactions during the first week of June:
June 1 Purchased merchandise on account from Acme Supply, $2,700, plus freight charges of $160.
1 Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, $720, less 1% discount.
1 Sold merchandise on account to F. Colby, $246, plus 5% state sales tax plus 2% city sales tax.
June 2 Received cash on account from N. Dunlop, $315.
2 Made cash sale of $413 plus 5% state sales tax plus 2% city sales tax.
2 Purchased merchandise on account from Permon Co., $3,200, plus freight charges of $190.
3 Sold merchandise on account to F. Ayres, $211, plus 5% state sales tax plus 2% city sales tax.
3 Issued Check No. 220 to Ellis Co. for merchandise purchased on account, $847, less 1% discount.
3 Received cash on account from F. Graves, $463.
4 Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, $950, less 1% discount.
4 Sold merchandise on account to K. Stanga, $318, plus 5% state sales tax plus 2% city sales tax.
4 Purchased merchandise on account from Mason Milling, $1,630, plus freight charges of $90.
4 Received cash on account from O. Alston, $381.
5 Made cash sale of $319 plus 5% state sales tax plus 2% city sales tax.
5 Issued Check No. 222 to Acme Supply for merchandise purchased on account, $980, less 1% discount.
Required
- 1. Record the transactions in a general journal.
- 2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, design the following special journals for Screpcap:
- (a) Sales journal
- (b) Cash receipts journal
- (c) Purchases journal
- (d) Cash payments journal
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What were the total cash receipts during March?
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Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year:
May
1
Received $2,450 cash from L. Reilly in payment of April 22 invoice of $2,500, less cash discount.
4
Received $1,635 cash in payment of $1,500 note receivable and interest of $135.
7
Received $3,724 cash from K. L. Shannon in payment of April 29 invoice of $3,800, less cash discount.
8
Sold merchandise on account to D. Padilla, invoice no. 272, $5,500.
16
Cash sales for first half of May, $3,850.
17
Received cash from D. Padilla in payment of invoice no. 272, less cash discount.
20
Received $550 cash from L. N. Salas in payment of April 16 invoice, no discount.
21
Sold merchandise on account to R. O. Wilcox, invoice no. 273, $950.
24
Received $260 cash refund for return of defective…
Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are recorded at the point of sale.
a. Assume that sales are subject to a 6% sales tax. Record the sales entry.b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry.
● Note: Round your answers to the nearest whole dollar.
Account Name
Dr.
Cr.
a.
To record the sale entry.
b.
To record the sale entry.
Chapter 12 Solutions
College Accounting, Chapters 1-27
Ch. 12 - LO1 The types of special journals a business uses...Ch. 12 - Prob. 2TFCh. 12 - Prob. 3TFCh. 12 - Prob. 4TFCh. 12 - LO4 Purchases returns and allowances are recorded...Ch. 12 - The first step in posting the sales journal to the...Ch. 12 - LO3 In the cash receipts journal, each amount in...Ch. 12 - The journal that should be used to record the...Ch. 12 - A purchases journal usually is used to record all...Ch. 12 - In the cash payments journal, each amount in the...
Ch. 12 - Prob. 1CECh. 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 - Prob. 1RQCh. 12 - List four items of information about each sale...Ch. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 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 - Prob. 2SEACh. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - Prob. 5SEACh. 12 - SALES JOURNAL Futi Ishanyan owns a retail business...Ch. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - PURCHASES JOURNAL J. B. Speck, owner of Specks...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPACh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEBCh. 12 - Prob. 3SEBCh. 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 - Prob. 7SPBCh. 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 - Prob. 11SPBCh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - Prob. 1MYWCh. 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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