Buzz Newsstand had the following sales and cash receipt transactions for May. In your working papers, the accounts receivable subsidiary ledger and general ledger accounts have been opened with current balances. 

Instructions

1. Record the sales and cash receipts for May on page 11 of the sales journal and page 11 of the cash receipts journal.

2. Post to the customer accounts in the accounts receivable subsidiary ledger on a daily basis.

3. Post from the General Credit column of the cash receipts journal on a daily basis.

4. Foot, prove, total, and rule both journals.

5. Post the column totals of the sales journal to the general ledger accounts named in the column headings.

6. Post the column totals from the cash receipts journal to the general ledger accounts named in the column headings.

7. Prepare a schedule of accounts receivable.

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Date Transactions May 1 Sold $300 in merchandise plus 6% sales tax of $18 on account to Ilya Bodonski, Sales Slip 170. 3 Received $490 from Katz Properties in payment of its $500 account balance less a 2% discount of $10, Receipt 145. 5 As a favor, sold $60 in supplies to Straka Stores, received cash, Receipt 146. 7 Rothwell Management Inc. sent us a check for $294 in payment of its $300 account balance less a $6 cash discount, Receipt 147. Sold $100 in merchandise plus $6 sales tax on account to Saba Nadal, Sales Slip 171. 9 10 Sold $600 in merchandise plus $36 sales tax on account to Java Shops Inc., terms 2/10, n/30, Sales Slip 172. 12 Sold $50 in merchandise plus $3 sales tax on account to Lee Adkins, Sales Slip 173. 15 Received a check for $196 from Rolling Hills Pharmacies in payment of its $200 account less a 2% cash discount of $4, Receipt 148. 15 Cash sales were $2,400 plus $144 sales tax, Tape 33. 15 Bankcard sales totaled $2,000 plus sales tax of $120, Tape 33. 18 Sold $1,000 in merchandise plus sales tax of $60 on account to Katz Properties, terms 2/10, n/30, Sales Slip 174. 20 Received $100 from Ilya Bodonski to apply on her account, Receipt 149.