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Recording and Posting Sales Transactions Shutterbug Cameras records its transactions in
Chapter 16, Problem 16-4(choose chapter or problem)
Recording and Posting Sales Transactions
Shutterbug Cameras records its transactions in special journals. The accounts receivable subsidiary ledger and certain general ledger accounts are included in your working papers.
Instructions In your working papers:
1. Record each transaction on page 12 of the sales journal or on page 13 of the cash receipts journal.
2. Post to the customer accounts in the accounts receivable subsidiary ledger on a daily basis.
3. Foot, prove, total, and rule the sales journal.
4. Post the column totals from the sales journal and the cash receipts journal to the general ledger accounts named in the column headings.
5. Prepare a schedule of accounts receivable.
Based on these transactions, calculate how much cash was collected for the month.
Questions & Answers
QUESTION:
Recording and Posting Sales Transactions
Shutterbug Cameras records its transactions in special journals. The accounts receivable subsidiary ledger and certain general ledger accounts are included in your working papers.
Instructions In your working papers:
1. Record each transaction on page 12 of the sales journal or on page 13 of the cash receipts journal.
2. Post to the customer accounts in the accounts receivable subsidiary ledger on a daily basis.
3. Foot, prove, total, and rule the sales journal.
4. Post the column totals from the sales journal and the cash receipts journal to the general ledger accounts named in the column headings.
5. Prepare a schedule of accounts receivable.
Based on these transactions, calculate how much cash was collected for the month.
ANSWER:Step 1 of 4
A sales journal is considered a special journal that records sales on account with segregated columns for showing the effect of the transaction on different related accounts. It included three special amount columns, namely, sales credit, sales tax credit, and accounts receivables debit accounts.