Exam 9: Sales and Cash Receipts

The Dairy Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to a 6% sales tax. April 13 Sold merchandise priced at $\$ 500$ to Jan Ellsworth on account. April 14 Sold merchandise priced at $\$ 350$ to a cash customer. April 15 Sold merchandise priced at $\$ 150$ to Dana Carter on account. April 16 Sold merchandise priced at $\$ 700$ to a cash customer. April 20 The customer of April 14 returned $\$ 50$ worth of merchandise for a cash refund. April 25 Received full payment from Dana Carter. April 30 Paid the amount of sales tax to the state. -Prepare the necessary general journal entry for April 20.

Collected a payment from a credit customer.This will be recorded with:

Determine the amount of net sales given: gross sales = $200,000 sales discounts = $25,000 sales returns and allowances = $40,000 $ ________

Plymouth Sharks Hockey Accessories had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to a 6% sales tax and have a 2/10, n/30 discount terms. December 2 Sold merchandise priced at $\$ 100$ to Cathy Norton on account. December 4 5old merchandise priced at $\$ 125$ to a cash customer. December 10 Payment from Cathy Norton received. December 16 Eash customer returned \$47 worth of merchandise. -Prepare the necessary general journal entry for December 2.

The Coral Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to credit terms of 1/10, n/30. July 16 Sold merchandise on account with an invoice price of $\$ 4,500$ to Carter and Co. July 16 Sold merchandise on account with an invoice price of $\$ 5,000$ to the Taylor Co. July 20 Taylor Co. returned merchandise with an invoice price of $\$ 1,000$ . July 25 Received full payment from Carter and Co. July 28 Received full payment from Taylor Co. -Prepare the necessary general journal entry for July 16,Sold merchandise on account with an invoice price of $4,500 to Carter and Co.

The Sales Returns and Allowances account is contra-revenue.

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported. - Column 1 Column 2 Column 3 Owner's Capital

Logan's Art studio was moving and sold furniture that was no longer needed for cash.The entry would include:

The Coral Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to credit terms of 1/10, n/30. July 16 Sold merchandise on account with an invoice price of $\$ 4,500$ to Carter and Co. July 16 Sold merchandise on account with an invoice price of $\$ 5,000$ to the Taylor Co. July 20 Taylor Co. returned merchandise with an invoice price of $\$ 1,000$ . July 25 Received full payment from Carter and Co. July 28 Received full payment from Taylor Co. -Prepare the necessary general journal entry for July 28.

Kristi's pottery sold 200 tiles at $25.00 each to a charge customer,terms 1/10,n/30.Which entry is required to record this transaction?

The following are transactions for Brian for the month of October.Indicate how the following transactions would be recorded by completing the necessary journal entries as appropriate (omit explanations). Oct. 1 Brian invested $\$ 15,000$ in his business. Oct. 3 Sold $\$ 2,500$ of merchandise on account to $\mathrm { H }$ . Holand, sales invoice No. 1, terms $1 / 10 , \mathrm { n } / 30$ . Oct. 5 Sold $\$ 1,200$ of merchandise on account to T. Traer, sales invoice No. 2, terms $1 / 10 , \mathrm { n } / 30$ . Oct. 13 Received cash from $\mathrm { H }$ . Holand in payment for October 3 transaction, less the discount. Oct. 14 Issued credit memorandum No. 1 to $T$ . Traer for $\$ 100$ for merchandise returned from October 5 sale on account. Oct. 15 Received cash from $\mathrm { T }$ . Traer for the amount due, less the discount.

Sales Returns and Allowances is a contra-asset.

Accounts in the accounts receivable subsidiary ledger are listed in order of how much is owed.

Use the following information to answer the questions below: Sales \ 75,400 5ales Dircount 1,500 Sales Returns and Allowances 900 Transportation Expense 700 The Net Sales are ________.

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported. - Column 1 Column 2 Column 3 Store Supplies

Recording to the accounts receivable subsidiary ledger is done:

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported. - Column 1 Column 2 Column 3 Sales Tax Payable

To show that you have posted to an account in the General Ledger,you use a checkmark.

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported. - Column 1 Column 2 Column 3 Store Rent Expense

Individual credit customer accounts are kept in the general ledger.