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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 32
Recording sales and cash receipts for a retail store.
Venus Office Supplies began operations October 1, 2013. The firm sells its merchandise for cash and on open account. Sales are subject to a 5 percent sales tax. During October, Venus Office Supplies engaged in the following transactions:
INSTRUCTIONS
1. Open the general ledger accounts indicated below.
2. Record the transactions in a general journal. Use 1 as the journal page number.
3. Post the entries from the general journal to the appropriate general ledger accounts.
GENERAL LEDGER ACCOUNTS
Analyze: How much is owed for sales taxes collected at October 31?
Venus Office Supplies began operations October 1, 2013. The firm sells its merchandise for cash and on open account. Sales are subject to a 5 percent sales tax. During October, Venus Office Supplies engaged in the following transactions:
INSTRUCTIONS
1. Open the general ledger accounts indicated below.
2. Record the transactions in a general journal. Use 1 as the journal page number.
3. Post the entries from the general journal to the appropriate general ledger accounts.
GENERAL LEDGER ACCOUNTS
Analyze: How much is owed for sales taxes collected at October 31?
Explanation
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Recording sale made on account with a sa...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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