Car Geek is a retail store that sells car care products over the Internet. The firm's...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Car Geek is a retail store that sells car care products over the Internet. The firm's cash receipts for February and the general ledger accounts used to record these transactions are shown below. GENERAL LEDGER ACCOUNTS 101 Cash 109 Notes receivable 111 Accounts receivable 129 Supplies 231 Sales tax payable 301 Ken Sato, Capital $ 4,950 Dr. 401 Sales 700 Dr. 491 Interest income 4,070 Dr. 620 Cash short or over 600 Dr. 290 Cr. 33,000 Cr. DATE TRANSACTIONS Feb. 3 Received $490 from Kelly Stott, a credit customer, on account. 5 Received a cash refund of $119 for damaged supplies. 7 Had cash sales of $4,700 plus sales tax of $376 during the first week of February; there was a cash shortage of $59. 9 Ken Sato, the owner, invested an additional $14,000 cash in the business. 12 Received $370 from Jamie Garrison, a credit customer, in payment of her account. 14 Had cash sales of $4,000 plus sales tax of $320 during the second week of February; there was an overage of $27. 16 Received $440 from Michael Hunt, a credit customer, to apply toward her account. 19 Received a check from Kay Pitts to pay her $700 promissory note plus interest of $28. 21 Had cash sales of $4,500 plus sales tax of $360 during the third week of February. 25 Al Harris, a credit customer, sent a check for $570 to pay the balance he owes. 28 Had cash sales of $4,000 plus sales tax of $320 during the fourth week of February; there was a cash shortage of $35. Required: 1. Open the general ledger accounts and enter the balances as of February 1, 20X1. 2. Record the transactions in a cash receipts journal. 3. Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts. Post the opening balances and transactions into the appropriate ledger accounts. Cash Account No: 101 Notes Receivable Account No: 109 Date Debit Credit Balance Date Debit Credit Balance Feb 1, 20X1 4,950 Feb 1, 20X1 Accounts Receivable Date Feb 1, 20X1 Account No: 111 Supplies Account No: 129 Debit Credit Balance Date Debit Credit Balance Feb 1, 20X1 Sales Tax Payable Date Feb 1, 20X1 Date Sales Account No: 231 Debit Credit Balance Ken Sato, Capital Date Feb 1, 20X1 Account No: 301 Debit Credit Balance Account No: 401 Interest Income Account No: 491 Debit Credit Balance Date Debit Credit Balance Cash Short or Over Account No: 620 Prev 1 of 4 Next MacBook Air blems i General Ledgers Cash Receipts Analyze Saved Record the transactions in a cash receipts journal. (Negative amounts should be indicated with a minus sign.) Date Feb 3, 20X1 Feb 5, 20X1 Feb 7, 20X1 Feb 9, 20X1 Feb 12, 20X1 Feb 14, 20X1 Feb 16, 20X1 Feb 19, 20X1 Description CASH RECEIPTS JOURNAL Other Accounts Credit Accounts Sales Tax Sales Receivable Credit Payable Credit Credit Account Name Feb 21, 20X1 Feb 25, 20X1 Feb 28, 20X1 Feb 28, 20X1 Totals $ 0 $ 0 $ 0 < General Ledgers Amount Cash Debit $ 0 $ 0 Analyze > MacBook Air Analyze: What total accounts receivable were collected in February? Complete this question by entering your answers in th General Ledgers Cash Receipts Analyze What total accounts receivable were collected in February? Total accounts receivable collected < Cash Receipts Car Geek is a retail store that sells car care products over the Internet. The firm's cash receipts for February and the general ledger accounts used to record these transactions are shown below. GENERAL LEDGER ACCOUNTS 101 Cash 109 Notes receivable 111 Accounts receivable 129 Supplies 231 Sales tax payable 301 Ken Sato, Capital $ 4,950 Dr. 401 Sales 700 Dr. 491 Interest income 4,070 Dr. 620 Cash short or over 600 Dr. 290 Cr. 33,000 Cr. DATE TRANSACTIONS Feb. 3 Received $490 from Kelly Stott, a credit customer, on account. 5 Received a cash refund of $119 for damaged supplies. 7 Had cash sales of $4,700 plus sales tax of $376 during the first week of February; there was a cash shortage of $59. 9 Ken Sato, the owner, invested an additional $14,000 cash in the business. 12 Received $370 from Jamie Garrison, a credit customer, in payment of her account. 14 Had cash sales of $4,000 plus sales tax of $320 during the second week of February; there was an overage of $27. 16 Received $440 from Michael Hunt, a credit customer, to apply toward her account. 19 Received a check from Kay Pitts to pay her $700 promissory note plus interest of $28. 21 Had cash sales of $4,500 plus sales tax of $360 during the third week of February. 25 Al Harris, a credit customer, sent a check for $570 to pay the balance he owes. 28 Had cash sales of $4,000 plus sales tax of $320 during the fourth week of February; there was a cash shortage of $35. Required: 1. Open the general ledger accounts and enter the balances as of February 1, 20X1. 2. Record the transactions in a cash receipts journal. 3. Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts. Post the opening balances and transactions into the appropriate ledger accounts. Cash Account No: 101 Notes Receivable Account No: 109 Date Debit Credit Balance Date Debit Credit Balance Feb 1, 20X1 4,950 Feb 1, 20X1 Accounts Receivable Date Feb 1, 20X1 Account No: 111 Supplies Account No: 129 Debit Credit Balance Date Debit Credit Balance Feb 1, 20X1 Sales Tax Payable Date Feb 1, 20X1 Date Sales Account No: 231 Debit Credit Balance Ken Sato, Capital Date Feb 1, 20X1 Account No: 301 Debit Credit Balance Account No: 401 Interest Income Account No: 491 Debit Credit Balance Date Debit Credit Balance Cash Short or Over Account No: 620 Prev 1 of 4 Next MacBook Air blems i General Ledgers Cash Receipts Analyze Saved Record the transactions in a cash receipts journal. (Negative amounts should be indicated with a minus sign.) Date Feb 3, 20X1 Feb 5, 20X1 Feb 7, 20X1 Feb 9, 20X1 Feb 12, 20X1 Feb 14, 20X1 Feb 16, 20X1 Feb 19, 20X1 Description CASH RECEIPTS JOURNAL Other Accounts Credit Accounts Sales Tax Sales Receivable Credit Payable Credit Credit Account Name Feb 21, 20X1 Feb 25, 20X1 Feb 28, 20X1 Feb 28, 20X1 Totals $ 0 $ 0 $ 0 < General Ledgers Amount Cash Debit $ 0 $ 0 Analyze > MacBook Air Analyze: What total accounts receivable were collected in February? Complete this question by entering your answers in th General Ledgers Cash Receipts Analyze What total accounts receivable were collected in February? Total accounts receivable collected < Cash Receipts
Expert Answer:
Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
During September 2016, Interior Designs Specialty Shop, a retail store, had the transactions listed on pages 320-321. The general ledger accounts used to record these transactions are provided shown...
-
The Garden Supply Center is a retail store that sells garden equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for December are shown below. The general...
-
A machine was sold in December 20x3 for $13,000. It was purchased in January 20x1 for $19,000, and depreciation of $16,000 was recorded from the date of purchase through the date of disposal....
-
Even though bonds are debt obligations, investing in them involves risk. What are the sources of risk? What service is available to aid the buyers of debt instruments in selecting a particular bond?
-
Donna Adams started an interior design company called Interiors by Donna, Inc., on September 1, 2010. The following amounts summarize the financial position of her business on September 14, 2010,...
-
1. On what major assumptions is the argument by Marquis based? 2. What basic principles of abortion opponents and abortion rights supporters does Marquis cite? 3. How do advocates on both sides of...
-
Question 25 (3 points) Sales (75,000 units) $750,000 Variable costs 225,000 Contribution margin 525,000 Fixed manufacturing costs 187,500 Operating income 337,500 Interest 75,000 Earnings before...
-
A characteristic of Merchandise Inventory is: Question content area bottom A. it is an asset. B. it has a normal debit balance. C. it decreases for the buyer when merchandise is returned. D. All of...
-
Apple is famous for its attractive and highly prized electronics, including iPhones, Mac computers and laptops, and iPad tablets. However, Apple doesnt actually make any of its products. Rather, it...
-
Following the September 11, 2001, attacks on the World Trade Center and Washington, DC, there were many who had lost loved ones, their homes or businesses, or both. The outpouring of support from the...
-
There are 22 million American who have federal student loans. The total amount owed is \(\$ 1.2\) trillion. And \(43 \%\) of that 22 million are either behind on their payments or arranged to have...
-
Clarify the distinctions among plagiarism, paraphrasing, and direct citation. Consider the following source and three ways that a student might be tempted to make use of it: Source: The joker in the...
-
Beech-Nut was heavily in debt, had only \(15 \%\) of the baby food market, and was operating out of a badly maintained 80-year-old plant in Canajoharie, New York. Creditors and debt were growing....
-
Describe the goals of monetary policy and how Does Monetary Policy Affect the U.S. Economy?
Study smarter with the SolutionInn App