PRACTICE EXERCISE $6$

$($a$)$ Set up a Cash Receipts Journal using the headings from Figure $7\mathrm{.}7.$

$($b$)$ Record the following transactions. Discounts will be calculated on the pre$-$tax value of the invoice; that is$,$ on the value of the goods and $servi{n}_{c_t}$ before taxes were added. Assume all payments are eligible for the discount,

$20-$

Dec. $2$ Received payment from Emmett Little on Invoice #$456$ for $$1,224$ plus GST and $7\%$ PST$.$ Terms of the invoice were $\frac{2}{10},\frac{n}{30}.$

$6$ Customer P$.$J$.$ Krub sent a cheque in payment of Invoice # $480$for $$344$ plus GST and $7\%$ PST$.$ Terms were $1/5,$ n$/15.$

$9$ Robert Dindaeng sent cheque to pay Invoice #$477$ for $$650$ plus GST and $7\%$ PST$.$ Terms of sale were $\frac{3}{10},\frac{n}{30}.$

$15$ Anna Aranya paid Invoice #$481$ for $$792$ plus GST and $7\%$ PST$.$ Terms of account were $\frac{2}{15},\frac{n}{30}.$

$19$ Received payment from C$.$ Ratchada on Invoice #$488$ for $$1,450$ plus GST and $7\%$ PST$.$ Terms were $1/5,$ n$/20.$

$20$ Cheque received from N$.$ Bangkaen to settle Invoice #$490$ for $$4$ plus GST and $7\%$ PST$.$ Terms were $\frac{2}{10},\frac{n}{30}.$

$($c$)$ Total, balance, and rule the journal. $($No posting is required.$)$