financeBuzz Newsstand had the following transactions for the month of January.
$$
\begin{matrix}
\text{General Ledger} & \text{ }\\ \hline
\text{101 Cash in Bank} & \text{401 Sales}\\
\text{115 Accounts Receivable} & \text{405 Sales Discounts}\\
\text{135 Supplies} & \text{410 Sales Returns and Allowances}\\
\text{215 Sales Tax Payable} & \text{ }\\
\end{matrix}
$$
Accounts Receivable Subsidiary Ledger
$$
\begin{matrix}
\text{ADK Adkins, Lee} & \text{NAD Nadal, Saba}\\
\text{JAV Java Shops Inc.} & \text{ROL Rolling Hills Pharmacies}\\
\end{matrix}
$$
1. Record the transactions on page 9 of the general journal. 2. Post each transaction to the appropriate general ledger and accounts receivable subsidiary ledger accounts. A partial general ledger and accounts receivable subsidiary ledger are included in the working papers. The current account balances are recorded in the accounts.
$$
\begin{array}{rl}
\text{Date} & \text{Transactions}\\ \hline
\text{Jan. 1} & \text{Lee Adkins returned $\$ 200$ in damaged merchandise purchased on account last month, issued Credit Memorandum 10 for $\$ 212(\$ 200$ in merchandise plus $6 \\\%$ sales tax of $\$ 12).$}\\
\text{3} & \text{Received a check from Rolling Hills Pharmacies for $\$ 2,256.62$ in payment of its account of $\$ 2,300$ less a 2$\\\%$ cash discount of $\$ 43.38$ , Receipt $75 .$}\\
\text{7} & \text{Gave credit to Saba Nadal for the return of $\$ 300$ in merchandise sold to him on account, plus sales tax of $\$ 18 .$ Issued Credit Memorandum 11 for $\$ 318$.}\\
\text{10} & \text{Java Shops Inc. sent a check for $\$ 1471.70$ in payment of its account of $\$ 1,500$ less a 2$\\\%$ cash discount of $\$ 28.30$, Receipt 76.}\\
\text{15} & \text{Cash sales were $\$ 2,500$ plus $\$ 150$ in sales tax, Tape 25.}\\
\text{15} & \text{Bankcard sales were $\$ 2,000$ plus $\$ 120$ in sales tax, Tape 25.}\\
\text{20} & \text{Janson Lee, a neighboring store, needed supplies urgently. Sold it $\$ 40$ in supplies and received cash from the sale, Receipt 77.}\\
\text{25} & \text{Received a check for $\$ 636$ from Lee Adkins on account, Receipt 78.}\\
\text{31} & \text{Sold $\$ 3,000$ in merchandise plus sales tax of $\$ 180$ on account to Rolling Hills Pharmacies, Sales Slip 114.}\\
\end{array}
$$
Calculate the net sales for January, which is Sales less Sales Discounts and Sales Returns and Allowances. 10th Edition•ISBN: 9780134700724Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson525 solutions
2nd Edition•ISBN: 9781464113079David G Myers901 solutions
6th Edition•ISBN: 9780357041178Spencer A. Rathus380 solutions
10th Edition•ISBN: 9780134641287 (1 more)Elliot Aronson, Robin M. Akert, Timothy D. Wilson525 solutions
