Cozy Kitchens began operations March 1, 20X1. The firm sells its merchandise for cash and on open
Question:
Cozy Kitchens began operations March 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. The terms for all sales on credit are net 30. During March, Cozy Kitchens engaged in the following transactions:
INSTRUCTIONS
1. Open the general ledger accounts indicated below.
2. Record the transactions in a general journal.
3. Post the entries from the general journal to the appropriate general ledger accounts.
GENERAL LEDGER ACCOUNTS
Analyze:
What were the total cash receipts during March?
DATE 20X1 March 1 4 12 15 25 28 31 31 TRANSACTIONS Sold merchandise on credit to Andy DeLuca; issued Sales Slip 101 for $900 plus sales tax of $54. Sold merchandise on credit to Amala Desai; issued Sales Slip 102 for $600 plus sales tax of $36. Sold merchandise on credit to Candy Martinez; issued Sales Slip 103 for $1,000 plus sales tax of $60. Recorded cash sales for the period from March 1 to March 15 of $7,500 plus sales tax of $450. Sold merchandise on credit to Jack O'Donnell; issued Sales Slip 104 for $800 plus sales tax of $48. Received a check from Amala Desai of $336 to apply toward her account. Recorded cash sales for the period from March 16 to March 31 of $4,800 plus sales tax of $288. Received payment in full from Andy DeLuca for the sale of March 1.
Step by Step Answer:
The total cash receipts during March were 13374 General Journal Date Account Debit Credit March 1 Ac...View the full answer
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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