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Recording and Posting Sales and Cash Receipts Buzz Newsstand had the following sales and
Chapter 16, Problem 16-6(choose chapter or problem)
Recording and Posting Sales and Cash Receipts
Buzz Newsstand had the following sales and cash receipt transactions for May. In your working papers, the accounts receivable subsidiary ledger and general ledger accounts have been opened with current balances.
Instructions
1. Record the sales and cash receipts for May on page 11 of the sales journal and page 11 of the cash receipts journal.
2. Post to the customer accounts in the accounts receivable subsidiary ledger on a daily basis.
3. Post from the General Credit column of the cash receipts journal on a daily basis.
4. Foot, prove, total, and rule both journals.
5. Post the column totals of the sales journal to the general ledger accounts named in the column headings.
6. Post the column totals from the cash receipts journal to the general ledger accounts named in the column headings.
7. Prepare a schedule of accounts receivable.
| Date | Transactions |
| May 1 | Sold $300 in merchandise plus 6% sales tax of $18 on account to Ilya Bodonski, Sales Slip 170. |
| 3 | Received $490 from Katz Properties in payment of its $500 account balance less a 2% discount of $10, Receipt 145. |
| 5 | As a favor, sold $60 in supplies to Straka Stores, received cash, Receipt 146. |
| 7 | Rothwell Management Inc. sent us a check for $294 in payment of its $300 account balance less a $6 cash discount, Receipt 147. |
| 9 | Sold $100 in merchandise plus $6 sales tax on account to Saba Nadal, Sales Slip 171. |
| 10 | Sold $600 in merchandise plus $36 sales tax on account to Java Shops Inc., terms 2/10, n/30, Sales Slip 172. |
| 12 | Sold $50 in merchandise plus $3 sales tax on account to Lee Adkins, Sales Slip 173. |
| 15 | Received a check for $196 from Rolling Hills Pharmacies in payment of its $200 account less a 2% cash discount of $4, Receipt 148. |
| 15 | Cash sales were $2,400 plus $144 sales tax, Tape 33. |
| 15 | Bankcard sales totaled $2,000 plus sales tax of $120, Tape 33. |
| 18 | Sold $1,000 in merchandise plus sales tax of $60 on account to Katz Properties, terms 2/10, n/30, Sales Slip 174. |
| 20 | Received $100 from Ilya Bodonski to apply on her account, Receipt 149. |
| 22 | Sold $800 in merchandise plus $48 sales tax on account to Rothwell Management Inc., terms 2/10, n/30, Sales Slip 175. |
| 23 | Lee Adkins sent us a check for $53 in payment of his account, Receipt 150. |
| 24 | Received a $106 check from Saba Nadal to apply on account, Receipt 151. |
| 26 | Java Shops Inc. sent us a check for $200 to apply on account, Receipt 152. |
| 27 | Sold $200 in merchandise plus sales tax of $12 on account to Lee Adkins, Sales Slip 176. |
| 28 | Received $75 from the sale of excess store equipment, Receipt 153. |
| 30 | Cash sales totaled $2,600 plus $156 sales tax, Tape 34. |
| 30 | Bankcard sales were $2,200 plus sales tax of $132, Tape 34. |
Analyze Calculate the percent of sales discounts given in May to total May sales.
Questions & Answers
QUESTION:
Recording and Posting Sales and Cash Receipts
Buzz Newsstand had the following sales and cash receipt transactions for May. In your working papers, the accounts receivable subsidiary ledger and general ledger accounts have been opened with current balances.
Instructions
1. Record the sales and cash receipts for May on page 11 of the sales journal and page 11 of the cash receipts journal.
2. Post to the customer accounts in the accounts receivable subsidiary ledger on a daily basis.
3. Post from the General Credit column of the cash receipts journal on a daily basis.
4. Foot, prove, total, and rule both journals.
5. Post the column totals of the sales journal to the general ledger accounts named in the column headings.
6. Post the column totals from the cash receipts journal to the general ledger accounts named in the column headings.
7. Prepare a schedule of accounts receivable.
| Date | Transactions |
| May 1 | Sold $300 in merchandise plus 6% sales tax of $18 on account to Ilya Bodonski, Sales Slip 170. |
| 3 | Received $490 from Katz Properties in payment of its $500 account balance less a 2% discount of $10, Receipt 145. |
| 5 | As a favor, sold $60 in supplies to Straka Stores, received cash, Receipt 146. |
| 7 | Rothwell Management Inc. sent us a check for $294 in payment of its $300 account balance less a $6 cash discount, Receipt 147. |
| 9 | Sold $100 in merchandise plus $6 sales tax on account to Saba Nadal, Sales Slip 171. |
| 10 | Sold $600 in merchandise plus $36 sales tax on account to Java Shops Inc., terms 2/10, n/30, Sales Slip 172. |
| 12 | Sold $50 in merchandise plus $3 sales tax on account to Lee Adkins, Sales Slip 173. |
| 15 | Received a check for $196 from Rolling Hills Pharmacies in payment of its $200 account less a 2% cash discount of $4, Receipt 148. |
| 15 | Cash sales were $2,400 plus $144 sales tax, Tape 33. |
| 15 | Bankcard sales totaled $2,000 plus sales tax of $120, Tape 33. |
| 18 | Sold $1,000 in merchandise plus sales tax of $60 on account to Katz Properties, terms 2/10, n/30, Sales Slip 174. |
| 20 | Received $100 from Ilya Bodonski to apply on her account, Receipt 149. |
| 22 | Sold $800 in merchandise plus $48 sales tax on account to Rothwell Management Inc., terms 2/10, n/30, Sales Slip 175. |
| 23 | Lee Adkins sent us a check for $53 in payment of his account, Receipt 150. |
| 24 | Received a $106 check from Saba Nadal to apply on account, Receipt 151. |
| 26 | Java Shops Inc. sent us a check for $200 to apply on account, Receipt 152. |
| 27 | Sold $200 in merchandise plus sales tax of $12 on account to Lee Adkins, Sales Slip 176. |
| 28 | Received $75 from the sale of excess store equipment, Receipt 153. |
| 30 | Cash sales totaled $2,600 plus $156 sales tax, Tape 34. |
| 30 | Bankcard sales were $2,200 plus sales tax of $132, Tape 34. |
Analyze Calculate the percent of sales discounts given in May to total May sales.
ANSWER:Step 1 of 5
Sales Journal is the form of the special journal which records the sale of the merchandise on account.