Week 2 11 Balls \'n All paid the full amount owing on their account. 11 Made cas
ID: 2416152 • Letter: W
Question
Week 2 11 Balls 'n All paid the full amount owing on their account. 11 Made cash sale of 24 Melon Watt Skateboards for $280 each plus 5% sales tax. 12 Made payment of $1,376 to State Power for 3 months of electricity up to and including May 31, Check No. 772. 12 Paid sales staff wages of $1,730 for the week up to and including yesterday, Check No. 773. 13 Paid the full amount owing to Sport Borders, Check No. 774. 13 Sold 29 Specialist Body Boards to Croquet and Cricket for $260 each, plus 5% sales tax, Invoice No. 410. 1)Record all week 1 transactions in the relevant journals. Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special journal should be recorded in the general journal. 2)Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures.
Explanation / Answer
CASH JOURNAL Jan-11 Accounts payable Dr (amount not mentioned) Cash Cr (amount not mentioned) Jan-11 Cash Dr 7056 Sales Cr 6720 Sales Tax payable Cr 336 Jan-12 Electricity Expense Dr 1376 Cash Cr 1376 Jan-12 Wages expense Dr 1730 Cash Cr 1730 Jan-13 Accounts payable Dr (amount not mentioned) Cash Cr (amount not mentioned) SALES JOURNAL Jan-13 Accounts receivable Dr 7917 Sales Cr 7540 Sales Tax payable Cr 377 Cash A/c Transferred from cash journal 3950 Accounts receivable Jan-13 To Sales 7917 Accounts payable Jan-11 To cash amount not mentioned Jan-13 To cash amount not mentioned Sales Tax payable Jan-11 By cash 336 Electricity Expense Jan-11 To cash 1376 Wages Expense Jan-11 To cash 1730 Sales Jan-11 By Cash 6720 By Sales journal 7540 Sales Tax payable Jan-11 By Cash 336 By Sales journal 377
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