8th EditionN. Gregory Mankiw
4th EditionKaren Borrington, Peter Stimpson
8th EditionAlan J. Marcus, Alex Kane, Zvi Bodie
1st EditionAlan Krueger
ACCOUNTING Pacific Trade Inc. sells folk art domestically and internationally. The company has Internet sales as well.
1. Journalize the following transactions affecting sales and cash receipts completed during November of the current year. Use page 23 of a general journal and a cash receipts journal. Source documents are abbreviated as follows: memorandum, M; receipt, R; time draft, TD; and terminal summary, TS.
Nov. 4. Received a 30-day time draft from Hong Kong Importers for an international sale, $2,200.00. TD72.
7. Recorded Internet credit card sales,$8,450.00. TS330.
12. Recorded international cash sale, $11,800.00. M65.
14. Recorded Internet credit card sales,$5,670.00. TS331.
15. Received cash for the value of Time Draft No. 68, $3,000.00. R103.
18. Received cash for the value of Time Draft No. 71,$5,900.00. R110.
21. Recorded Internet cash sale, $16,400. TS332.
24. Recorded international cash sale,$7,500.00. M76.
28. Recorded Internet cash sale, $3,300.00. TS333.
30. Received a 30-day time draft from Australian Arts for international sale of merchandise,$16,040.00. TD73.
2. Prove and rule the cash receipts journal.