Accounting Obj 4, Part 3

Front

Timer's Distributing accepted returned merchandise purchased on account by Serious Sports for $400, plus sales tax of $32. The journal entry for Timer's Distributing to record this transaction is

Back

debit Sales Returns and Allowances, $400, Sales Tax Payable, $32; credit Accounts Receivable/Serious Sports, $432

Front

The Trough Restaurant received $195 cash from First Bank for payment on account. The journal entry for the Trough Restaurant to record this transaction is

Back

debit Cash, $195; credit Accounts Receivable/First Bank, $195

Front

Juan's Stuffed Animals accepted returned merchandise purchased on account by Penny Arcade for $348, plus sales tax of $22. The journal entry for Juan's Stuffed Animals to record this transaction is: debit Sales Returns and Allowances, $348, Sales Tax Payable, $22; credit Accounts Receivable/Penny Arcade, $370

Back

debit Sales Returns and Allowances, $348, Sales Tax Payable, $22; credit Accounts Receivable/Penny Arcade, $370

Front

The Antique Shop purchased merchandise on account from Old Timers Supply for $128. The journal entry for the The Antique Shop to record this transaction is: debit Purchases, $128; credit Accounts Payable/Old Timers Supply, $128

Back

debit Purchases, $128; credit Accounts Payable/Old Timers Supply, $128

Front

Lucy's Famous Mexican Food sold merchandise for $26, plus sales tax of $1, to Craig Morton, who paid for the merchandise with a bank credit card at the time of the sale. The journal entry for Lucy's Famous Mexican Food to record this transaction is

Back

debit Cash, $27; credit Sales, $26, Sales Tax Payable, $1

Front

Sally's Shoes sold merchandise for cash to Happy's Distributing for $200, plus sales tax of $15. Happy's Distributing later returned the merchandise. The journal entry for Sally's Shoes to record the returned merchandise is

Back

debit Sales Returns and Allowances, $200, Sales Tax Payable, $15; credit Cash, $215

Front

Trudy's Trophies purchased merchandise for cash from Champ Awards for $250. The journal entry for Trudy's Trophies to record this transaction is

Back

debit Purchases, $250; credit Cash, $250

Front

Kathy's Fragrances purchased merchandise on account from Pierre's Perfumes for $319. The journal entry for Kathy's Fragrances to record this transaction is

Back

debit Purchases, $319; credit Accounts Payable/Pierre's Perfumes, $319

Front

Just Pens sold office supplies to Sunny Day Preschool for $25 cash. The journal entry for Just Pens to record this transaction is

Back

debit Cash, $25; credit Sales, $25

Front

What is the journal entry for Pierre's Lawn Service to record the transaction with Grassy Oldfield involving a $230 cash payment and a $10 discount?

Back

debit Cash, $230, Sales Discounts, $10; credit Accounts Receivable/Grassy Oldfield, $240