College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 9, Problem 3E
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).
- b. 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).
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Which of the following is an element of the journal entry to account for a purchase of merchandise on account?
a). a debit to accounts payable.
b). a credit to freight in
c). a credit to sales
d). a debit to purchases.
Kay Sadia sold merchandise for $15,200 subject to a 7% sales tax. The entry in the sales journal will include a credit to Sales tax payable for
a). $1,064.00
b). $ 15,200.00
c). $ 16,264.00
d). $ 14,136.00
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles.
A.
Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240.
B.
Paid $38,220 to the state sales tax department for taxes collected.
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
Chapter 9 Solutions
College Accounting (Book Only): A Career Approach
Ch. 9 - Which of the following is true about the Sales...Ch. 9 - What is the accounts receivable ledger? a. A...Ch. 9 - Using the information contained in the accounts...Ch. 9 - Prob. 4QYCh. 9 - What does the 2 in 2/10, n/30 mean? a. Pay in 2...Ch. 9 - Prob. 6QYCh. 9 - The schedule of accounts payable lists each...Ch. 9 - If the seller assumes the entire cost of...Ch. 9 - Under the perpetual inventory system, how does the...Ch. 9 - Purchases on account of merchandise for resale...
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 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 - Prob. 1PBCh. 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 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 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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- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.arrow_forwardPrepare 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 Nextarrow_forwardUse 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 worarrow_forward
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