Record sales returns and allowances

Reference no: EM13818686

Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%.

Dec. 1 Received payment on account from Michael Anderson, $1,360.

2 Received payment on account from Ansel Manufacturing, $382.

7 Made cash sales for the week, $3,160, plus tax. Bank credit card sales for the week, $1,000, plus tax. Bank credit card fee is 3%.

8 Received payment on account from J. Gorbea, $880.

11 Michael Anderson returned merchandise for a credit, $60, plus tax.

14 Made cash sales for the week, $2,800, plus tax. Bank credit card sales for the week, $800, plus tax. Bank credit card fee is 3%.

20 Received payment on account from Tom Wilson, $1,110.

21Ansel Manufacturing returned merchandise for a credit, $22, plus tax.

21 Made cash sales for the week, $3,200, plus tax.

24 Received payment on account from Rachel Carson, $2,000.

Beginning general ledger account balances were as follows:

Cash ............................ $9,862

Accounts Receivable .......... 9,352

Beginning customer account balances were as follows:

M. Anderson .................. $2,480

Ansel Manufacturing ............. 982

J. Gorbea ............................ 880

R. Carson ........................ 3,200

T. Wilson ........................ 1,810

REQUIRED:

1. Record the transactions in the cash receipts journal. Total and verify column totals and rule the columns. Use the general journal to record sales returns and allowances.

2. Post from the journals to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.

Reference no: EM13818686

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