80.2K

Verified Solution

Link Copied!

Owens Distributors is a retail business. The following sales returns and cash receipts occurred during March 20--. THERE IS A 6% SALES TAX. Beginning general ledger account balances were Cash, $9,741; and Accounts Receivable, $1,058.25. Beginning customer account balances were Thompson Group, $1,058.25.

Mar. 1. Sold Merchandise to Able & Co., $1,800, plus sales tax. Sale No. 33C.

3. Sold merchandise to R. J. Kalas, Inc., $2,240, plus sales tax. Sale No. 33D

5. Able & Co. returned merchandise from sale No. 33C for a credit (credit memo No. 66), $30, plus sales tax.

7. Made cash sales for the week, $3,160, plus sales tax.

10. Received payment from Able & Co. for sale No. 33C less credit memo No. 66.

11. Sold Merchandise to Blevins Bakery, $1,210, plus sales tax. Sale No. 33E.

14. Made cash sales for the week, $4,200, plus sales tax.

16. Blevins Bakery returned merchandise from Sale No. 33E for a credit (credit memo No. 67), $44, plus tax.

18. Sold merchandise to R.J. Kalas, Inc., $2,620, plus sales tax. Sale No. 33F.

20. Received payment from Blevins Bakery for Sale No. 33E less credit memo No. 67.

21. Made cash sales for the week, $2,400, plus sales tax.

Problem 12-8A SALES JOURNAL PAGE 6 SALES TAX PAYNLE SNE Mar. 33C 330 11 33E 18 33F 25 33G 27 33H 1 ! Totals 231 Accounts Receivable Debit Credits: Sales Sales Tax Total CASH RECEIPTS JOURNAL PAcE 9 SALES TAX POSTI GENERAL RECEN EIVABLE 10 Able & Co ch

Answer & Explanation Solved by verified expert

See Answer