Solution-Enter the above transactions in the appropriate

Enter the above transactions in the appropriate journal

Assignment Help Accounting Basics

Reference no: EM131714274

Problem - Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%.

May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax.

May 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax.

May 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit.

May 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax.

May 19 Sold merchandise on account to Tim Carney, $165.00, plus sales tax.

May 22 Received payment from James Koffsky on account.

May 26 Joyce McKay was given an allowance of $30.00 when she reported damage in the merchandise purchased May 18.

May 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax.

May 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax.

May 31 Received payment from Joyce McKay on account.

May 31 Cash sales for the month were $2,600, plus sales tax.

Required:

1. Enter the above transactions in the appropriate journal.

2. Post the entries from the journals to the subsidiary ledgers provided.

Reference no: EM131714274

Questions Cloud

Describe the challenges : Post an explanation of how serving as an administrator in public health in a border region might be a challenge.

What is key concept or foundational theory : What is a key concept or foundational theory?

Define the risk for complications in future deliveries : An elective surgery like this puts the patient at unnecessary risk, increases the risk for complications in future deliveries, and increases health-care costs.

What is the sign of the reaction : When N2(g) reacts with O2(g) to form NO2(g) according to the following equation, energy is absorbed from the surroundings.

Enter the above transactions in the appropriate journal : During the month of May, the following transactions took place. The applicable sales tax rate is 6%. Enter the above transactions in the appropriate journal

Write out what you interpret the main conclusion to be : The following arguments were taken from magazine and newspaper editorials and letters to the editor. In most instances the main conclusion must be rephrased.

What is a half-reaction : What is a half-reaction? How many half reactions are there in an oxidation/reduction reaction?

How the bank compares two strength and two weaknesses : Discuss how the Bank compares, two strength and two weaknesses, in relationship to the competing Banks. What is the Banks focus (i.e. Commercial, deposit only).

Reactions in a common lead-acid battery : What are the anode and cathode reactions in a common lead-acid battery? What happens when the battery is recharged?

User Account

All Pages

Enter the above transactions in the appropriate journal

Reference no: EM131714274

Reference no: EM131714274

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT