Part 1:
Complete all the steps of journalizing, based on the information provided below.
On December 15, Ms. Corne & Co. recorded bankcard sales of $1,200 for the first two weeks of December and related sales taxes of $150. The source document for this transaction is tape 55.
Record the transaction in a cash receipt journal format in a spreadsheet.
Guidelines
- Enter the date of the cash register tape in the Date column.
- Enter the number of the tape in the Document Number column. Write the letter T before the tape number.
- Enter the words Bankcard Sales in the Account Name column.
- Enter a dash in the Posting Reference column. The amounts recorded in the bankcard sales entry will be posted to the general ledger as part of the column totals at the end of the month.
- Enter the amount of merchandise sold in the Sales Credit column.
- Enter the sales taxes collected in the Sales Tax Payable Credit column.
- Enter the total cash received in the Cash in Bank Debit column.
Part 2:
Prepare a sales journal based on the information given and post it to the Accounts Receivable Subsidiary Ledger using your spreadsheet software.
On Nov 12, Ms. Don & Co. sold merchandise on account to Gians Graze for $1,200 plus $250 sales tax. The source document for this transaction is Sales Slip 5.
Guidelines
For preparing a sales journal:
- Enter the date of the sales slip in the Date column
- Enter the sales slip number in the Sales Slip Number column
- Enter the name of the customer in the Customer's Account Debited column
- Enter the total of the merchandise sold in the Sales Credit column
- Enter the amount of the sales tax in the Sales Tax Payable Credit column
- Enter the total amount to be received from the customer in the Accounts Receivable Debit column.
For posting the sales journal to Accounts Receivable Subsidiary Ledger:
- Enter the date of the transaction in the Date column of the subsidiary ledger account.
- In the Posting reference column, enter the journal letter and the journal page number.
- In the Debit column, enter the total amount to be received from the customer.
- Compute the new balance and enter it in the Balance column.
- Return to the sales journal and enter a check mark in the Posting Reference column.
After that....
Prepare a cash receipts journal based on the information given below and post it to the Accounts Receivable Subsidiary Ledger.
On Nov 17, Ms. Don & Co. received $1,450 from Gains Graze to apply on account. The source document for this transaction is Receipt30.
Instructions:
1.Prepare a sales journal entry based on the information given above and post it to the Accounts Receivable General Ledger account and to the Accounts Receivable Subsidiary Ledger. (Use November 7 for this transaction date.)
2.Enter the above transaction (Nov 17) into the Cash Receipts Journal and post it to the Accounts Receivable General Ledger account and to the Accounts Receivable Subsidiary Ledger.
3.Prepare a Schedule of Accounts Receivable and check to see that the total agrees with the Accounts Receivable ledger account.