Color Florists, a retail business, had the following cash receipts during January 20--. The sales tax is
Question:
Color Florists, a retail business, had the following cash receipts during January 20--. The sales tax is 5%.
Jan. 1 Received payment on account from Ray Boyd, $880.
3 Received payment on account from Clint Hassell, $271.
5 Cash sales for the week were $2,800 plus tax. Bank credit card sales for the week were $1,200 plus tax. Bank credit card fee is 3%.
8 Received payment on account from Jan Sowada, $912.
11 Ray Boyd returned merchandise for a credit, $40 plus tax.
12 Cash sales for the week were $3,100 plus tax. Bank credit card sales for the week were $1,900 plus tax. Bank credit card fee is 3%.
15 Received payment on account from Robert Zehnle, $1,100.
18 Robert Zehnle returned merchandise for a credit, $31 plus tax.
19 Cash sales for the week were $2,230 plus tax.
25 Received payment on account from Dazai Manufacturing, $318.
Beginning general ledger account balances were:
Cash $2,890.75
Accounts Receivable 6,300.00
Beginning customer account balances were:
R. Boyd $1,400
Dazai Manufacturing 318
C. Hassell 815
J. Sowada 1,481
R. Zehnle 2,286
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 ReceivableAccounts 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 ZU Jan 1 Cash 3 Cash Accounts ReceivableR Boyd Received cash on ...View the full answer
