Study Perfect Your Score Score Guide Analyzing Sales and

SECOND REVISED

b-te_10-study-221-224.qxd 11/2/07 6:00 PM Page 221

Study Guide 10

Perfect Score

Name Identifying Accounting Terms Analyzing Sales and Cash Receipts Analyzing Transactions Recorded in Special Journals Total

14 24 15 53

Your Score

Pts. Pts. Pts. Pts.

Part One—Identifying Accounting Terms Directions: Select the term in Column I that best fits each definition in Column II. Print the letter identifying your choice in the Answers column.

Column II

Column I

Answers

A. batch report

1. A person or business to whom merchandise or services are sold. (p. 270)

1.

G

B. batching out

2. A tax on a sale of merchandise or services. (p. 270)

2.

M

3.

K

C. cash receipts journal

3. A special journal used to record only sales of merchandise on account. (p. 272) 4. A sale in which cash is received for the total amount of the sale at the time of the transaction. (p. 276)

4.

D

D. cash sale

5.

E

E. credit card sale

5. A sale in which a credit card is used for the total amount of the sale at the time of the transaction. (p. 276) 6. A computer used to collect, store, and report all the information of a sales transaction. (p. 276)

6.

H

F. credit memorandum

7.

N

G. customer

7. The report that summarizes the cash and credit card sales of a point-of-sale terminal. (p. 276) 8. A report of credit card sales produced by a point-of-sale terminal. (p. 278)

8.

A

9. The process of preparing a batch report of credit card sales from a point-of-sale terminal. (p. 278)

9.

B

10. A special journal used to record only cash receipt transactions. (p. 278)

10.

C

11. A cash discount on sales taken by a customer. (p. 278)

11.

J

12. Credit allowed a customer for the sales price of returned merchandise, resulting in a decrease in the vendor’s accounts receivable. (p. 285)

12.

L

13.

I

M. sales tax

13. Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor’s accounts receivable. (p. 285) 14. A form prepared by the vendor showing the amount deducted for returns and allowances. (p. 285)

14.

F

N. terminal summary

H. point-of-sale (POS) terminal I.

sales allowance

J.

sales discount

K. sales journal L. sales return

COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING

Chapter 10 • 221

SECOND REVISED


Part Two—Analyzing Sales and Cash Receipts Directions: Place a T for True or an F for False in the Answers column to show whether each of the following statements is true or false.

Answers 1. Most states do not require a business to collect sales tax from customers. (p. 270)

1.

F

2. Sales tax rates are usually stated as a percentage of sales. (p. 270)

2.

T

3. A sale of merchandise increases the revenue of a business. (p. 271)

3.

T

4. The Realization of Revenue accounting concept is applied when a sale is recorded at the time the sale is made. (p. 271)

4.

T

5. A sale on account is not the same as a charge sale. (p. 271)

5.

F

6. A credit card sale is a sale in which cash is received for the total amount of the sale at the time of the transaction. (p. 276)

6.

F

7. A cash sale is a sale in which a credit card is used for the total amount of the sale at the time of the transaction. (p. 276)

7.

F

8. At the end of the week, all credit card slips are gathered together, sorted by issuing bank, and mailed individually to each of the banks to collect payment. (p. 278)

8.

F

9. All cash receipts, including cash sales and credit card sales, are recorded in the cash receipts journal. (p. 278)

9.

T

10. The total of a terminal summary can be recorded as a single cash sales transaction. (p. 279)

10.

T

11. For cash and credit card sales, the asset account Cash is debited for the total of sales and sales tax, but the revenue account Sales is credited only for the total of sales. (p. 279)

11.

T

12. The revenue account Sales has a normal credit balance. (p. 279)

12.

T

13. The liability account Sales Tax Payable has a normal debit balance. (p. 279)

13.

F

14. The source document for cash received on account from a customer is a receipt. (p. 280)

14.

T

15. When cash is received on account, the cash account balance increases and the accounts receivable account balance increases. (p. 280)

15.

F

16. When a sales discount is taken, a customer pays less cash than the invoice amount previously recorded in the sales account. (p. 281)

16.

T

17. The account Sales Discount increases sales. (p. 282)

17.

F

18. Maintaining a separate account for sales discounts provides business managers with information to evaluate whether a sales discount is a cost-effective method. (p. 282)

18.

T

19. If a customer does not pay the amount owed within the sales discount period, the full invoice amount is due. (p. 282)

19.

T

20. After the cash receipts journal is proved at the end of the month, cash is proved. (p. 283)

20.

T

21. All transactions can be recorded in a special journal. (p. 285)

21.

F

22. Credit may be granted to a customer only when merchandise is returned. (p. 285)

22.

F

23. Sales returns and sales allowances increase the amount of sales. (p. 285)

23.

F

24. The account Sales Returns and Allowances is a contra account. (p. 285)

24.

T

222 • Working Papers TE

CENTURY 21 ACCOUNTING, 9TH EDITION

SECOND REVISED


Name

Date

Class

Part Three—Analyzing Transactions Recorded in Special Journals Directions: In Answers Column l, print the abbreviation for the journal in which each transaction is to be recorded. In Answers Columns 2 and 3, print the letters identifying the accounts to be debited and credited for each transaction. SJ—Sales journal; GJ—General journal; CRJ—Cash receipts journal

Answers Account Titles

Transactions

Journal Debit Credit

A. Accounts Receivable

1–2–3. Sold merchandise on account to Penny Kellar, plus sales tax. (p. 273)

1. SJ

2. A, C

B. Cash

4–5–6. Recorded cash and credit card sales, plus sales tax. (p. 279)

4. CRJ

5.

B

6. E, H

7. CRJ

8.

B

9. A, D

C. Penny Kellar D. Jim Tauras

7–8–9. Received cash on account from Jim Tauras. (p. 280)

E. Sales F. Sales Discount

10–11–12. Received cash on account from Penny Kellar, less sales discount. (p. 282)

G. Sales Returns 13–14–15. Granted credit to Jim Tauras for merchandise and Allowances returned, plus sales tax. (p. 286) H. Sales Tax Payable


3. E, H

10. CRJ 11. F, B 12. A, C 13. GJ

14. G, H 15. A, D

Chapter 10 • 223


SECOND REVISED

Study Skills Setting Priorities Do you work hard every day but never seem to get your work completed? Do you spend hours on an assignment only to find that it is of little importance? Do you sometimes feel that you waste your time? If you answer yes to these questions, you should take a close look at your priorities. You have only a limited amount of time available, and you will likely never be able to do everything you would like to do. Therefore, you must decide which things are the most important and concentrate on them. Placing a Value on Jobs There may be jobs that you do not enjoy doing, and under ordinary circumstances, you might put them off and complete other work instead. However, the things that you put off may be the most important things that you should do. They should be given a high priority. There may be jobs that you enjoy doing, but these jobs might be of little real value to you in your personal, business, or school life. These activities should receive a low priority. When you decide which jobs to spend your time on, you should look at each one and determine its overall value in relation to the other jobs that you should do. Getting Your Jobs in Order An easy method of setting priorities is to sit down every morning and list the things that you should do during the day. Let’s suppose that your list contains six jobs. When you have decided what should be done, you should rank the jobs in order of importance. The most important should be first, and the least important should be last. You should then begin working at the top of the list. As you do each task, mark it off. Perhaps you will be able to mark off all the items, but you may complete only three or four. This is satisfactory, however, because you used your time on the items of most importance. If you do not complete one or two jobs at the bottom of the list, do not worry. They were the least important. Conclusion You will probably never complete every job you want to do. If you do the most important things every day, however, you will accomplish a great deal. You will be successful because you have set your priorities correctly.


CENTURY 21 ACCOUNTING, 9TH EDITION

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Name

Date

10-1

Class

WORK TOGETHER, p. 275

Journalizing sales on account; proving and ruling a sales journal 1., 2. SALES JOURNAL DATE

SALE NO.

ACCOUNT DEBITED

20 – –

1 2

Sept. 1 Adrian Makowski 11 Columbus City Schools

3

28 Swiss Delight

4

30 Totals

PAGE

POST. REF.

9

1

2

3

ACCOUNTS RECEIVABLE DEBIT

SALES CREDIT

SALES TAX PAYABLE CREDIT

104

8 4 8 00

8 0 0 00

4 8 00

105

8 7 5 00

8 7 5 00

106

1 5 4 7 60

1 4 6 0 00

8 7 60

3

3 2 7 0 60

3 1 3 5 00

1 3 5 60

4

1 2

5

5

6

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

2. Col. No. 1 2 3

Column Title

Debit Totals

Accounts Receivable Debit . . . . . . . . . . . . . . Sales Credit . . . . . . . . . . . . . . . . . . . . . . . Sales Tax Payable Credit . . . . . . . . . . . . . .

$3,270.60

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,270.60

Chapter 10

Credit Totals

$3,135.00 135.60 $3,270.60

Journalizing Sales and Cash Receipts Using Special Journals • 225


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Page 226

ON YOUR OWN, p. 275


ACCOUNT DEBITED

20 – –

SALE NO.

PAGE

POST. REF.

6

1

2

3


SALES CREDIT


June 5 Peter Gallaher 12 Spann Auto Supply

410

6 8 9 00

6 5 0 00

3 9 00

1

411

6 2 5 40

5 9 0 00

3 5 40

2

3

24 Fleming College

412

5 4 5 00

5 4 5 00

4

30 Totals

1 8 5 9 40

1 7 8 5 00

1 2

3

7 4 40

4

5

5

6

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

2. Col. No. 1 2 3

Debit Totals

Column Title Accounts Receivable Debit . . . . . . . . . . . . . . Sales Credit . . . . . . . . . . . . . . . . . . . . . . . Sales Tax Payable Credit . . . . . . . . . . . . . .

$1,859.40

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,859.40


Credit Totals

$1,785.00 74.40 $1,859.40


Chapter 10 . . . . . . . .

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7

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. . . . .

1 2 3 4 5 6 7

Col. No.

$15,223.30

Checkbook balance on the next unused check stub . . . . . . . . . . .

$11,764.96 15,103.52 $26,868.48 8,779.53 $18,088.95 $18,088.95

13

13

Cash on hand at the beginning of the month . . . . Plus total cash received during the month . . . . . . Equals total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less total cash paid during the month . . . . . . . . . Equals cash balance on hand at end of the month

12

12

— $ 6,360.00 8,361.60 501.70

11

11

Date

— . . . . . . $ 119.78 . 15,103.52 . $15,223.30

10

10

Page 227

General Debit . . . . . . . . . . . . General Credit . . . . . . . . . . . Accounts Receivable Credit . Sales Credit . . . . . . . . . . . . . Sales Tax Payable Credit . . . Sales Discount Debit . . . . . . Cash Debit . . . . . . . . . . . . . . Totals . . . . . . . . . . . . . . . . . .

9

9

Name

2.

8

8

. . . . .

4

3

2

1

7

. . . . .

1 1 9 78 15 1 0 3 52

1 1 9 78 5 8 6 9 22

8 8 6 3 30

3 7 1 00

CASH DEBIT

7

CASH PROOF

5 0 1 70

5 0 1 70

SALES DISCOUNT DEBIT

16

6

Credit Totals

8 3 6 1 60 6 3 6 0 00 8 3 6 1 60

5 9 8 9 00

3 7 1 00


PAGE

6

3.

CREDIT

SALES CREDIT

ACCOUNTS RECEIVABLE CREDIT

6

5

✔

DEBIT

GENERAL

5

5

Debit Totals

31 Totals

4

Column Title

R145

30 Sierra Supply

3

R144

POST. REF.

4

3

3:56 AM

2

1

TS43

ACCOUNT TITLE

Oct. 4 Oakley Company 13 ✔

20 – –

DOC. NO.

2

10-2

1

CASH RECEIPTS JOURNAL

11/1/07

DATE

1., 2., 4.

Journalizing cash receipts; proving and ruling a cash receipts journal


SECOND REVISED

Class




1 2 3 4 5 6 7

Col. No.

2.

. . . . . . . .

. . . . . . . .

. . . . . . . .

. . . . . . . .

. . . . . . . .

. . . . . . . .

Credit Totals

CASH PROOF


— . . . . . . $ 29.18 . 5,298.67 . $ 5,327.85

. . . . .

. . . . .

. . . . .

. . . . .

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. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . . Checkbook balance on the next unused check stub . . . . . . . . . . .


$ 2,848.10 5,298.67 $ 8,146.77 4,284.25 $ 3,862.52 $ 3,862.52

Page 228

$ 5,327.85

— $ 1,884.00 3,254.30 189.55

13

11

11

13

10

10

12

9

9

12

8

8

4

3

2

1

7

2 9 18 5 2 9 8 67

2 9 18 1 4 2 9 82

3 4 4 3 85

4 2 5 00

7

Debit Totals

7 CASH DEBIT

17

6

1 8 9 55

1 8 9 55


PAGE

6

3.

3 2 5 4 30 1 8 8 4 00 3 2 5 4 30

1 4 5 9 00

4 2 5 00


6

5

✔

CREDIT

SALES CREDIT


5

5

. . . . . . . .

30 Totals

4

R313

TS48

R312

DEBIT

GENERAL

4

3

3:56 AM

Column Title

27 Cooley Used Cars

3

Nov. 2 Wakeman Auto 13 ✔

ACCOUNT TITLE

POST. REF.

2

11/1/07

2

1

20 – –

DOC. NO.

1


10-2

DATE

1., 2., 4.



SECOND REVISED

ON YOUR OWN, p. 284



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Name

10-3

Date

Class


Journalizing sales returns and allowances using a general journal 1. GENERAL JOURNAL DATE

ACCOUNT TITLE

20 – –

1 2 3 4 5

June 3 Sales Returns and Allowances

PAGE DOC. NO.

CM41

Sales Tax Payable

POST. REF.

DEBIT

Accounts Receivable/Westfall High School

CREDIT

4 5 7 00

1

3 6 56

2

Accounts Receivable/Wilbanks and Associates 6 Sales Returns and Allowances

6

4 9 3 56 CM42

6 7 00

3 4

6 7 00

5

6

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

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17

18

18

19

19

20

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21

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22

22

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23

24

24

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25

Chapter 10



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ON YOUR OWN, p. 287


ACCOUNT TITLE

20 – –

1 2 3 4 5

July 3 Sales Returns and Allowances

PAGE DOC. NO.

CM86

POST. REF.

DEBIT

Sales Tax Payable Accounts Receivable/Karen's Fine Gifts

CREDIT

4 6 00

1

4 6 00

Accounts Receivable/Carver High School 4 Sales Returns and Allowances

7

CM87

2

4 2 5 00

3

2 5 50

4

4 5 0 50

5

6

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18

19

19

20

20

21

21

22

22

23

23

24

24

25

25




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Name

Date

10-1

Class

APPLICATION PROBLEM, p. 289


SALE NO.

ACCOUNT DEBITED

20 – –

1 2

Sept. 2 Ketchum Clothing 5 Norton Industries

PAGE

POST. REF.

10

1

2

3


SALES CREDIT


134

4 8 4 95

4 5 7 50

2 7 45

1

135

3 6 5 70

3 4 5 00

2 0 70

2

3

10 Jackson City Schools

136

4 2 6 00

4 2 6 00

4

17 Riley & Slay, CPAs

137

5 5 3 32

5 2 2 00

5

23 Meadowbrook Church

138

4 5 3 00

4 5 3 00

6

30 Tang Construction

139

5 4 2 72

5 1 2 00

3 0 72

6

7

30 Totals

2 8 2 5 69

2 7 1 5 50

1 1 0 19

7

3

3 1 32

4 5

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18

19

19

2. Col. No. 1 2 3

Column Title

Debit Totals

Accounts Receivable Debit . . . . . . . . . . . . . Sales Credit . . . . . . . . . . . . . . . . . . . . . . . Sales Tax Payable Credit . . . . . . . . . . . . . .

$2,825.69

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,825.69

Chapter 10

Credit Totals

$2,715.50 110.19 $2,825.69


. . . . . . . .

. . . . . . . .

R288

31

31 Totals

10

11

2 0 1 40

Credit Totals

2 3 6 96

3.

2 0 4 30

2 1 0 0 00

3 1 8 0 00

2 3 7 2 00

2 6 5 0 00

2 5 3 4 00

6 9 3 82

1 0 4 25

1 7 0 80

1 3 2 43

1 4 0 80

1 4 5 54


— . . . . . .$ 8.12 . 14,822.56 . $14,830.68 $14,830.68

— $ 1,300.86 12,836.00 693.82

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$ 2,548.25 14,822.56 $17,370.81 15,485.25 $ 1,885.56 $ 1,885.56

Page 232

1 2 3 4 5 6 7

Col. No.

2.

14

14

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10

2 2 0 4 25

13

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9

1 9 7 37

11

8

7

2 3 6 96 3 3 5 0 80

6

5

4

3

2

1

2 5 0 4 43

2 0 0 21

2 7 9 0 80

3 1 2 60

2 6 7 9 54

3 4 5 60

8 12 14 8 2 2 56

4 03

4 09

7 CASH DEBIT

15

13

CASH PROOF

1 3 0 0 86 12 8 3 6 00

3 1 2 60

3 4 5 60


PAGE

12

Debit Totals

TS32

R292

TS31

R291

TS30

R290

CREDIT


6

12

. . . . . . . .

30 JGN Industries

9

. . . . . . . .

24

8

. . . . . . . .

24 Kelly Modeling Agency

7

. . . . . . . .

17

6

. . . . . . . .

15 Lambert News

5

TS29

DEBIT

SALES CREDIT


5

3:56 AM

Column Title

10

4

R289

4

8 WXGS Television

4

TS28

4

Aug. 1 Reader Advertising 3

ACCOUNT TITLE

4


3

2

1

DATE

20 – –

GENERAL

4

3

4

POST. REF.

2

4

DOC. NO.

1


11/1/07

4

4

1., 2., 4.

10-2

4

4



SECOND REVISED

APPLICATION PROBLEM, pp. 289, 290



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Date

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Class

APPLICATION PROBLEM, p. 290


ACCOUNT TITLE

20 – –

1 2 3 4 5 6 7 8

July 2 Sales Returns and Allowances

PAGE DOC. NO.

CM61

Sales Tax Payable

POST. REF.

DEBIT

1

1 5 18

2

2 6 8 18 CM62

Sales Tax Payable

4

1 4 10

5

2 4 9 10

Accounts Receivable/Jefferson School

CM63

3

2 3 5 00

Accounts Receivable/Allergy Associates 12 Sales Returns and Allowances

CREDIT

2 5 3 00

Accounts Receivable/Tahai Industries 4 Sales Returns and Allowances

14

1 3 4 25

6 7

1 3 4 25

8

9

9

10

10

11

11

12

12

13

13

14

14

15

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Chapter 10



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MASTERY PROBLEM, p. 290

Journalizing sales and cash receipts transactions; proving and ruling journals 1., 2., 3. SALES JOURNAL DATE

ACCOUNT DEBITED

SALE NO.

2

POST. REF.

✔

20 – –

1

PAGE

Oct. 24 Brought Forward 27 County Hospital

3

30 Southeastern University

4

31 Totals

19

1

2

3


SALES CREDIT


1 4 9 6 6 70 1 4 5 2 1 55

4 4 5 15

1

1 9 58

2

443

5 0 9 08

4 8 9 50

444

3 6 4 3 50

3 6 4 3 50

1 9 1 1 9 28 1 8 6 5 4 55

3

4 6 4 73

4

5

5

6

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18

2. Col. No. 1 2 3

Debit Totals

Column Title Accounts Receivable Debit . . . . . . . . . . . . . Sales Credit . . . . . . . . . . . . . . . . . . . . . . . Sales Tax Payable Credit . . . . . . . . . . . . . .

$19,119.28

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$19,119.28


Credit Totals

$18,654.55 464.73 $19,119.28


29 Summit Lodge

4

Chapter 10 . . . . . . . .

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1 2 3 4 5 6 7

Col. No.

$43,777.59

— $13,981.49 28,701.12 1,094.98

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$ 4,483.25 43,750.47 $48,233.72 39,315.22 $ 8,918.50 $ 8,918.50

Date

— . . . . . .$ 27.12 . 43,750.47 . $43,777.59

14

14

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13

13

Page 235


12

12

Name

4.

11

11

7

6

5

4

3

2

1

10

CASH PROOF

2 7 12 43 7 5 0 47

1 2 7 4 22

4 6 7 24

4 4 4 1 60

2 7 12 1 3 2 8 88

36 2 3 8 53

10

Credit Totals

4 2 22

7 CASH DEBIT

20

9

5.

1 2 3 2 00

1 2 6 60

13 9 8 1 49 28 7 0 1 12 1 0 9 4 98

4 6 7 24

4 3 1 5 00

9 2 6 16


PAGE

9

✔

✔

1 3 5 6 00

12 1 5 8 25 23 1 5 4 12


6

8

Debit Totals

TS45

R294

TS44

R293

✔

CREDIT

SALES CREDIT


5

8

Column Title

31 Totals

6

7

31

5

✔

28

✔

Oct. 24 Brought Forward 26 Slumber Inns

DEBIT

GENERAL

4

3

3:56 AM

3

2

1

ACCOUNT TITLE

POST. REF.

2

11/1/07

20 – –

DOC. NO.

1


10-4

DATE

1., 4., 5., 6.


SECOND REVISED

Class

MASTERY PROBLEM (continued)



10-4

11/1/07

3:56 AM

SECOND REVISED

Page 236

MASTERY PROBLEM (concluded)

1. GENERAL JOURNAL DATE

ACCOUNT TITLE

20 – –

1 2 3

Oct. 29 Sales Returns and Allowances Sales Tax Payable Accounts Receivable/Slumber Inns

PAGE DOC. NO.

CM54

POST. REF.

DEBIT

14 CREDIT

1 2 4 00

1

4 96

2

1 2 8 96

3

4

4

5

5

6

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18

19

19

20

20

21

21

22

22

23

23

24

24

25

25




11/1/07

3:56 AM

SECOND REVISED

Page 237

Name

Date

10-5

Class

CHALLENGE PROBLEM, p. 291

Journalizing transactions; proving and ruling special journals 1., 2., 5. SALES JOURNAL DATE

SALE NO.

ACCOUNT DEBITED

20 – –

1 2

May 4 First National Bank 14 Jackson Public Schools

3

23 SDR Investment Trust

4

31 Totals

PAGE

POST. REF.

5

1

2

3


SALES CREDIT


567

5 8 9 68

5 4 6 00

4 3 68

568

4 5 0 00

4 5 0 00

569

1 5 7 2 48

1 4 5 6 00

1 1 6 48

3

2 6 1 2 16

2 4 5 2 00

1 6 0 16

4

1 2

5

5

6

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18

3. Col. No. 1 2 3

Column Title

Debit Totals


$2,612.16

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,612.16

Chapter 10

Credit Totals

$2,452.00 160.16 $2,612.16



10-5

11/1/07

3:56 AM

SECOND REVISED

Page 238

CHALLENGE PROBLEM (continued)

1., 2., 5. PURCHASES JOURNAL DATE

ACCOUNT CREDITED

20 – –

1 2

May 3 Angelo Lawn Supplies 7 Forde Collectibles

PAGE PURCH. POST. NO. REF.

5

PURCHASES DR. ACCTS. PAY. CR.

91

1 3 4 0 00

1

92

1 3 0 0 00

2

3

16 Tom's Sod Farm

93

2 9 0 0 00

3

4

23 LawnScapes, Inc.

94

4 4 8 8 00

4

5

31 Totals

1 0 0 2 8 00

5

6

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18

19

19

20

20

21

21

22

22

23

23

24

24

25

25



Chapter 10

8 7 5 3 60

3. Column Title

.......... Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$10,928.05

8,753.60

$ 2,174.45 $ 20.80 10,907.25 $10,928.05

—

Date

...........

.......... .......... ..........

Credit Column Totals

Page 239

General Debit . . . . . . . . . . . . General Credit . . . . . . . . . . . Accounts Payable Debit . . . . . Purchases Discount Credit . . . Cash Credit . . . . . . . . . . . . .

Debit Column Totals

16

14

16

2 0 80 1 0 9 0 7 25

15

31 Totals

15

14

Name

2 1 7 4 45

13

1 20

Cash Short and Over

13

12

12

9 6 00

Advertising Expense

11

Miscellaneous Expense

Supplies—Store

10

11

9

8

7

6

1 0 5 00

3 6 1 60

1 0 2 00

8 1 60

1 0 1 9 20

5

4

3

2

10

7 4 40

352

31 Supplies—Office

9

2 0 80

8 9 40

3 5 45

7 6 3 2 00

1 8 6 00

1

8 5 00

1 0 2 00

350

17 Office Mart

7

351

349

11 Forde Collectibles

6

25 Advertising Expense

8 1 60

8 9 40

348

5 Purchases

5

5 CASH CREDIT

8

1 4 0 0 00

PAGE

3:56 AM

8

1 0 4 0 00

3 5 45

347

5 Supplies—Office

4

7 6 3 2 00

346

4 Northeast Nurseries

3

1 8 6 00

345

1 4 0 0 00

344

CREDIT

PURCHASES DISCOUNT CREDIT

ACCOUNTS PAYABLE DEBIT

3 Utilities Expense

May 1 Rent Expense

DEBIT

GENERAL

4

3

2

1

ACCOUNT TITLE

POST. REF.

2

11/1/07

20 – –

CK. NO.

1

CASH PAYMENTS JOURNAL

10-5

DATE

1., 2., 5.


SECOND REVISED

Class



240 • Working Papers TE . . . . . . . .

. . . . . . . .

. . . . . . . .

. . . . . . . .

Debit Totals

Credit Totals

CASH PROOF

1 2 3 4 5 6 7

Col. No.


— . . . . . .$ 10.91 . 16,849.09 . $16,860.00

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .



$ 2,464.60 16,849.09 $19,313.69 10,907.25 $ 8,406.44 $ 8,406.44

Page 240

$16,860.00

— $ 3,480.97 12,515.00 864.03

14

14

3.

13

13

Column Title

9

8

7

6

5

4

3

2

12

1 0 91 16 8 4 9 09

8 1 7 45

2 3 4 5 64

2 9 2 6 25

5 8 9 68

2 7 3 8 23

3 4 2 2 70

5 3 4 74

1

12

8 6 4 03

4 9 45

1 8 4 25

1 8 4 23

2 0 6 70

1 0 91

7 CASH DEBIT

3 4 7 4 40

9

11

4.

7 6 8 00 3 4 8 0 97 12 5 1 5 00

2 3 4 5 64

2 7 4 2 00

2 5 5 4 00

3 2 1 6 00

2 3 9 40


PAGE

11

✔

✔

5 8 9 68

5 4 5 65

3 2 3 5 00


6

10

31 Totals

9

TS27

R492

TS26

R491

CREDIT

SALES CREDIT


5

10

31

8

. . . . . . . .

29 Slippery Rock Inn

7

✔

27

6

. . . . . . . .

22 First National Bank

5

TS25

✔ ✔

✔

DEBIT

GENERAL

4

3

3:56 AM

. . . . . . . .

20

4

TS24

R490

TS23

POST. REF.

2

11/1/07

✔

13

✔ ✔

May 6 ✔ 7 Houston Landscaping

ACCOUNT TITLE

3

2

1

20 – –

DOC. NO.

1


10-5

DATE

1., 2., 5.


SECOND REVISED




11/1/07

3:56 AM

SECOND REVISED

Page 241

Name

Date

10-5

Class

CHALLENGE PROBLEM (concluded)

1. GENERAL JOURNAL DATE

ACCOUNT TITLE

20 – –

1 2 3 4 5 6 7 8 9 10 11 12

May 3 Sales Returns and Allowances

PAGE DOC. NO.

CM67

Sales Tax Payable

POST. REF.

DEBIT

1

1 8 80

2

2 5 3 80 M43

1 2 0 00

M44

8 1 60

10 Accounts Payable/Forde Collectibles

DM23

2 6 0 00

Purchases Returns and Allowances 29 Sales Returns and Allowances Sales Tax Payable Accounts Receivable/SDR Investment Trust

7 8

2 6 0 00 CM68

5 6

8 1 60

Accounts Payable/Office Mart

3 4

1 2 0 00

Accounts Payable/Mosby Store Supplies 8 Supplies—Office

CREDIT

2 3 5 00

Accounts Receivable/Slippery Rock Inn 4 Supplies—Store

7

9

4 5 00

10

3 60

11

4 8 60

12

13

13

14

14

15

15

16

16

17

17

18

18

19

19

20

20

21

21

22

22

23

23

24

24

25

25

Chapter 10



11/1/07

3:56 AM

SECOND REVISED

Page 242

USING SOURCE DOCUMENTS, p. 293 Journalizing sales and cash receipts transactions; proving and ruling journals NO.

658

DATE:

November 25 Putt-A-Round On Account

FROM: FOR:

1

Form

20--

$ 150.00 $ 3.00 $ 147.00

On account Sales discount Cash received

GOLFER'S PARADISE 142 Glade Road Crossville, TN 38555-8102 Sold to:

CAT. NO.

Form

2

NO. 443

Daniel Pearson 2345 Lakeview Drive Crossville, TN 38555-5819

DESCRIPTION

2432 9 degree titanium driver 745 practice golf balls, dz.

DATE: TERMS: CUST. NO.

QUANTITY

1 5

UNIT PRICE

$

11/27/-30 days 480 TOTAL

439.50 $ 439.50 10.00 50.00 SUBTOTAL TAX TOTAL

$ 489.50 39.16 $ 528.66

Serving Crossville and Fairfield Glade With All Your Recreational Equipment




11/1/07

3:56 AM

SECOND REVISED

Page 243

Name

Date

Class

USING SOURCE DOCUMENTS (continued)

Form

3

54 11/27/-18:24

CODE: DATE: TIME: Credit Card Sales Sales Tax Total

034

MasterCard Sales Sales Tax Total

042

Cash Sales Sales Tax Total

152

989.95 79.20 1,069.15

NO.

659

DATE:

November 28 Mary Ann Ingram On Account

FROM: FOR:

806.09 64.49 870.58 1,894.44 151.56 2,046.00

Totals Sales Sales Tax Total

Form

4

20- -

On account Sales discount

$ 420.48

Cash received

$ 420.48

3,690.48 295.25 3,985.73 CREDIT MEMORANDUM NO. 63

Form

5

DATE November 29, 20- -

TO

GOLFER'S PARADISE

Nelson Lang 354 Lang Drive Crossville, TN 38555-2615

142 Glade Road Crossville, TN 38555-8102

ACCOUNT NO. 340 QUANTITY

CAT. NO.

2

643

DESCRIPTION

UNIT PRICE

$130.00 $260.00

golf bag

SUBTOTAL SALES TAX TOTAL

Chapter 10

TOTAL

$260.00 20.80 $280.80



11/1/07

3:56 AM

SECOND REVISED

Page 244

USING SOURCE DOCUMENTS (continued) GOLFER'S PARADISE 142 Glade Road Crossville, TN 38555-8102 Sold to:

CAT. NO.

Form

6

NO. 444

Janice Adams 594 Eagles Nest Road Crossville, TN 38555-7364

DESCRIPTION

DATE: TERMS: CUST. NO.

QUANTITY

BG-34 oversized irons, graphite shafts

UNIT PRICE

1

$

11/29/-30 days 140 TOTAL

405.50 $ 405.50

SUBTOTAL TAX TOTAL

$ 405.50 32.44 $ 437.94

Serving Crossville and Fairfield Glade With All Your Recreational Equipment

Form

55 11/30/-18:45

CODE: DATE: TIME: Credit Card Sales Sales Tax Total

005

MasterCard Sales Sales Tax Total

007

Cash Sales Sales Tax Total

062

Totals Sales Sales Tax Total


7

251.05 20.08 271.13 315.15 25.21 340.36 612.15 48.97 661.12 1,178.35 94.26 1,272.61



11/1/07

3:56 AM

SECOND REVISED

Page 245

Name

Date

Class

USING SOURCE DOCUMENTS (continued) 1., 2., 3. SALES JOURNAL DATE

SALE NO.

ACCOUNT DEBITED

(2)

3

29 Janice Adams

(6)

4

30 Totals

2

POST. REF.

✔

20 – –

Nov. 24 Brought Forward 27 Daniel Pearson

1

PAGE

18

1

2

3


SALES CREDIT


8 7 2 6 89

6 1 5 4 25

2 5 7 2 64

1

S443

5 2 8 66

4 8 9 50

3 9 16

2

S444

4 3 7 94

4 0 5 50

3 2 44

3

9 6 9 3 49

7 0 4 9 25

2 6 4 4 24

4

5

5

6

6

2. Col. No. 1 2 3

Column Title

Debit Totals


$9,693.49

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$9,693.49

Chapter 10

Credit Totals

$7,049.25 2,644.24 $9,693.49



1 2 3 4 5 6 7

Col. No.

4.

8

7


Column Title

30 Totals

✔

. . . . . . . .

. . . . . . . .

. . . . . . . .

(7)

. . . . . . . .

. . . . . . . .

. . . . . . . .

. . . . . . . .

✔

— . . . . . . $ 3.00 . 51,714.07 . $51,717.07

Debit Totals

TS55

$51,717.07

— $16,058.72 33,016.99 2,641.36

Credit Totals

DEBIT

CREDIT

SALES CREDIT



5

CASH PROOF . . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

Checkbook balance on the next unused check stub . . . . . . . . . . .

. . . . .

8

7

6

5

4

3

2

1

$ 2,551.18 51,714.07 $54,265.25 49,158.84 $ 5,106.41 $ 5,106.41

3 00 51 7 1 4 07

4 2 0 48

3 9 8 5 73

16 0 5 8 72 33 0 1 6 99 2 6 4 1 36

2 9 5 25

1 4 7 00

1 2 7 2 61

1 1 7 8 35

3 6 9 0 48

7 CASH DEBIT

24

45 8 8 8 25

PAGE

3 00


6

9 4 26

4 2 0 48

1 5 0 00

15 4 8 8 24 28 1 4 8 16 2 2 5 1 85

4

3


5.

GENERAL

2

3:56 AM

6

30

R659

28 Mary Ann Ingram (4)

4

✔

✔

POST. REF.

1


11/1/07

5

TS54

(3)

R658

27

✔

Nov. 24 Brought Forward 25 Putt-A-Round (1)

ACCOUNT TITLE

DOC. NO.

3

2

1

20 – –

DATE

1., 4., 6.

BTE_Ch10-225-248.qxd Page 246

SECOND REVISED

USING SOURCE DOCUMENTS (continued)



11/1/07

3:56 AM

SECOND REVISED

Page 247

Name

Date

Class

USING SOURCE DOCUMENTS (concluded) 1. GENERAL JOURNAL DATE 1 2 3

DOC. NO.

ACCOUNT TITLE

20 – –

Nov. 29 Sales Returns and Allowances Sales Tax Payable Accounts Receivable/Nelson Lang

PAGE

(5)

CM63

POST. REF.

DEBIT

15 CREDIT

2 6 0 00

1

2 0 80

2

2 8 0 80

3

4

4

5

5

6

6

Chapter 10



11/1/07

3:56 AM

Page 248

SECOND REVISED

Study Perfect Your Score Score Guide Analyzing Sales and

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