Assignment
12 points
Complete all the steps of journalizing, based on the information provided below.
On November 15, Ms. Don & Co. recorded bankcard sales of $1,200 for the first two weeks of November and related sales taxes of $150 (Help in analyzing this transaction: Sales Revenue Credit for $1,200; Sales Tax Payable Credit $150; Cash in Bank Debit for $1,350). The source document for this transaction is Tape 55. Use the special journal template in the link below under Guidelines—the first worksheet tab at bottom is the Cash Receipts Journal.
On November 30, Ms. Don & Co. recorded bankcard sales of $2,400 for the last two weeks of November and related sales taxes of $300. The source document for this transaction is tape 56. Use the special journal template in the link below under Guidelines—the first worksheet tab at bottom is the Cash Receipts Journal.
On November 12, Ms. Don & Co. sold merchandise on account to Gians Graze for $1,000 plus $120 sales tax. The source document for this transaction is Sales Slip 5. Use the special journal template in the link below under Guidelines—go to the second worksheet tab—Sales Journal.
On December 20, Gians Graze paid their account in full; $1,120 received; Receipt #55. Use the Cash Receipts Journal (Help in analyzing this transaction: It is related to the Nov. 12 transaction above; customer was sold merchandise on Nov. 12—and it was recorded in the Sales Journal; and now that same customer is paying their account—so now use the Cash Receipts Journal. Cash is ALWAYS debited whenever cash is received, and the corresponding credit is to Accounts Receivable—to reduce the amount the customer owes).
Guidelines
- Use this Special Journals Template
- Enter the transaction date in the Date column
- Enter the source document number in the Document Number column (if it’s a cash register tape, put a T in front of the tape number) (use Sales Slip number if it’s a charge sale)
- For Trans #1, enter the words Bankcard Sales in the Customer Name OR Description column. For Trans #3 in the other journal, enter the customer’s name
- Disregard the Post Ref column; leave it blank
- Enter the amount of merchandise sold in the Sales Revenue column
- Enter the amount of the sales tax collected in the Sales Tax Payable column
- For Trans #1, enter the TOTAL cash received (customer pays both for the amount of the merchandise AND the sales tax) in the Cash in Bank column. For Trans #3 in the other journal (Sales Journal), enter the TOTAL amount to be received from the customer (again customer pays both for the amount of the merchandise AND the sales tax) in the Accounts Receivable column.
Reminder: Be sure to submit your assignment at this time.