Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is
Question:
Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%.
Dec. 1 Received payment on account from Michael Anderson, $1,360.
2 Received payment on account from Ansel Manufacturing, $382.
7 Cash sales for the week were $3,160 plus tax. Bank credit card sales for the week were $1,000 plus tax. Bank credit card fee is 3%.
8 Received payment on account from J. Gorbea, $880.
11 Michael Anderson returned merchandise for a credit, $60 plus tax.
14 Cash sales for the week were $2,800 plus tax. Bank credit card sales for the week were $800 plus tax. Bank credit card fee is 3%.
Dec. 20 Received payment on account from Tom Wilson, $1,110.
21 Ansel Manufacturing returned merchandise for a credit, $22 plus tax.
21 Cash sales for the week were $3,200 plus tax.
24 Received payment on account from Rachel Carson, $2,000.
Beginning general ledger account balances were:
Cash $9,862
Accounts Receivable 9,352
Beginning customer account balances were:
M. Anderson $2,480
Ansel Manufacturing 982
J. Gorbea 880
R. Carson 3,200
T. Wilson 1,810
REQUIRED
1. Record the transactions in a general journal.
2. Post from the journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Step by Step Answer:
1 2 DATE Dec 1 Cash 2 Cash Accounts ReceivableM Anderson Received cash on a...View the full answer
