Question

chapter 12 test part D in college accounting Directions: enter the following transactions in the appropriate journal. Journals are provided bellow and the following page. January 8 sold merchandise on account to C.Cline 1000.00 plus tax of 50.00 sale number 1474 jan 9 M.Romero made 350.00 payment on account' jan 14 cash sales for the week were 2780.00 plus sales tax of 139.00 . jan 14 cash sales for week jan 16 issued credit memo to C.. C line 80.00 plus sales tax of 4.00 sold merchandise on account to A Lee 1460.00plus salemtax ofm73.00 sale number is 1473 receIVED A LOAN FROM The bank in the amount t of 10000.00

Answer 1

Journal Entries
Date	Accounts and Explanations	Debit	Credit
8-Jan	Accounts Receivables	$     1,050.00
	Sales		$    1,000.00
	Sales Tax		$          50.00
	(sales revenue and sales tax recorded)
9-Jan	Cash	$         350.00
	Accounts Receivables		$       350.00
	(Received For old balance )
14-Jan	Cash	$     2,919.00
	Sales		$    2,780.00
	Sales Tax		$       139.00
	(sales revenue and sales tax recorded)
16-Jan	Sales return	$           80.00
	Sales Tax	$             4.00
	Accounts Receivables		$          84.00
	(sales return recorded)
16-Jan	Accounts Receivables	$     1,533.00
	Sales		$    1,460.00
	Sales Tax		$          73.00
	(sales revenue and sales tax recorded)
16-Jan	Cash	$   10,000.00
	Loan From bank		$ 10,000.00
	(Loan Received from bank)
		$   15,936.00	$ 15,936.00

It is Assumed that loan and Credit sales to A Lee is made is Jan 16.