Question

Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax.
Apr. 1 Sold merchandise to O. L. Meyers, $2,100, plus sales tax. Sale No. 111.
3 Sold merchandise to Andrew Plaa, $1,000, plus sales tax. Sale No. 112.
6 O. L. Meyers returned merchandise from Sale No. 111 for a credit (Credit Memo No. 42), $50, plus sales tax.
7 Made cash sales for the week, $3,240, plus sales tax.
9 Received payment from O. L. Meyers for Sale No. 111, less Credit Memo No. 42.
12 Sold merchandise to Melissa Richfield, $980, plus sales tax. Sale No. 113.
14 Made cash sales for the week, $2,180, plus sales tax.
17 Melissa Richfield returned merchandise from Sale No. 113 for a credit (Credit Memo No. 43), $40, plus sales tax.
19 Sold merchandise to Kelsay Munkres, $1,020, plus sales tax. Sale No. 114.
21 Made cash sales for the week, $2,600, plus sales tax.
24 Sold merchandise to O. L. Meyers, $920, plus sales tax. Sale No. 115.
27 Sold merchandise to Andrew Plaa, $1,320, plus sales tax. Sale No. 116.
28 Made cash sales for the week, $2,800, plus sales tax.
Beginning general ledger account balances were as follows:
Cash .......... $2,864.54
Accounts Receivable .... 2,726.25
Beginning customer account balances were as follows:
O. L. Meyers ...... $2,186.00
K. Munkres ........ 482.00
M. Richfield ......... 58.25
REQUIRED
1. Record the transactions in the sales journal, cash receipts journal, and general journal. Total, verify, and rule the columns where appropriate at the end of the month.
2. Post from the journals to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.



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  • CreatedDecember 21, 2011
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