Question

Sales Journal, Cash Receipts Journal, and General Journal

Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,799; and Accounts Receivable, $1068.25. Beginning customer account balances were Thompson Group, $1068.25.

Mar. 1	Sold merchandise to Able & Co., $1,753, plus sales tax. Sale No. 33C.
3	Sold merchandise to R. J. Kalas, Inc., $2,274, plus sales tax. Sale No. 33D.
5	Able & Co. returned merchandise from Sale No. 33C for a credit (Credit Memo No. 66), $28, plus sales tax.
7	Made cash sales for the week, $3,162, plus sales tax.
10	Received payment from Able & Co. for Sale No. 33C less Credit Memo No. 66.
11	Sold merchandise to Blevins Bakery, $1,239, plus sales tax. Sale No. 33E.
13	Received payment from R. J. Kalas, Inc. for Sale No. 33D.
14	Made cash sales for the week, $4,183, plus sales tax.
16	Blevins Bakery returned merchandise from Sale No. 33E for a credit (Credit Memo No. 67), $49, plus sales tax.
18	Sold merchandise to R. J. Kalas, Inc., $2,578, plus sales tax. Sale No. 33F.
20	Received payment from Blevins Bakery for Sale No. 33E less Credit Memo No. 67.
21	Made cash sales for the week, $2,434, plus sales tax.
25	Sold merchandise to Blevins Bakery, $1,929, plus sales tax. Sale No. 33G.
27	Sold merchandise to Thompson Group, $2,049, plus sales tax. Sale No. 33H.
28	Made cash sales for the week, $3,512, plus sales tax.

Required:

If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.

1. Record the transactions in the sales journal, cash receipts journal, and general journal. Total, verify, and rule the columns where appropriate at the end of the month.

Page: 6

	DATE	SALE NO	TO WHOM SOLD	POST. REF.			ACCOUNTS RECEIVABLE DEBIT	SALES CREDIT	SALES TAX PAYABLE CREDIT
1	Mar. 1	33C								1
2	Mar. 3	33D								2
3	Mar. 11	33E								3
4	Mar. 18	33F								4
5	Mar. 25	33G								5
6	Mar. 27	33H								6
7										7
8							(122)	(401)	(231)	8

Debit total:	$
Credit total:	$

Cash Receipts Journal							Page 9
Date	Account Credited	Post. Ref.	General Credit	Accounts Receivable Credit	Sales Credit	Sales Tax Payable Credit	Cash Debit
20-- Mar. 7
Mar. 10	Able & Co.
Mar. 13	R. J. Kalas, Inc.
Mar. 14
Mar. 20	Blevins Bakery
Mar. 21
Mar. 28
				(122)	(401)	(231)	(101)

Debit total:	$
Credit total:	$

GENERAL JOURNAL				PAGE 5
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20--
	Credit Memo #66
	Credit Memo #67

2. Post from the journals to the general ledger and accounts receivable ledger accounts.

ACCOUNT	Cash				ACCOUNT NO.	101
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
	Balance	√
		CR9

ACCOUNT	Accounts Receivable				ACCOUNT NO.	122
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
	Balance	√
		J5
		J5
		S6
		CR9

ACCOUNT	Sales Tax Payable				ACCOUNT NO.	231
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
		J5
		J5
		S6
		CR9

ACCOUNT	Sales				ACCOUNT NO.	401
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
		S6
		CR9

ACCOUNT	Sales Returns and Allowances				ACCOUNT NO.	401.1
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
		J5
		J5

ACCOUNTS RECEIVABLE LEDGER
NAME	Able & Co.
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
		S6
		J5
		CR9

NAME	Blevins Bakery
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
		S6
		J5
		CR9
		S6

NAME	R. J. Kalas, Inc.
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
		S6
		CR9
		S6

NAME	Thompson Group
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
	Balance	√
		S6

Answer 1

Cash Receipts Journal							Page 9
Date	Account	Post. Ref.	General	Accounts Receivable	Sales	Sales Tax Payable	Cash
	Credited		Credit	Credit	Credit	Credit	Debit
Mar. 7	Sales				$ 3,162.00	$   252.96	$ 3,414.96
Mar. 10	Able & Co.	33 C	30.24	$ 1,863.00			$ 1,863.00
Mar. 13	R. J. Kalas, Inc.	33 D		$ 2,455.92			$ 2,455.92
Mar. 14	Sales				$   4,183.00	$   334.64	$ 4,517.64
Mar. 20	Blevins Bakery	33E	52.92	$ 1,285.20			$ 1,285.20
Mar. 21	Sales				$ 2,434.00	$   194.72	$ 2,628.72
Mar. 28	Sales				$ 3,512.00	$   280.96	$ 3,792.96
			$   83.16	$ 5,604.12	$13,291.00	$1,063.28	$19,958.40
GENERAL JOURNAL PAGE 5 DATE DESCRIPTION POST. REF. DEBIT CREDIT 05-Mar Sales Return 33C 28 Sales Tax 2.24 Able & Co 30.24 Credit Memo #66 16-Mar Sales Return 33E 49 Sales Tax 3.92 Blevins Bakery 52.92 Credit Memo #67

ACCOUNT	Cash				ACCOUNT NO.
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
	Balance	√			$       9,799.00
Mar. 7	Sales	CR9	3414.96		$     13,213.96
Mar. 10	Able & Co.		1863		$     15,076.96
Mar. 13	R. J. Kalas, Inc.		2455.92		$     17,532.88
Mar. 14	Sales		4517.64		$     22,050.52
Mar. 20	Blevins Bakery		1285.2		$     23,335.72
Mar. 21	Sales		2628.72		$     25,964.44
Mar. 28	Sales		3792.96		$     29,757.40
ACCOUNT	Sales tax Payable				ACCOUNT NO.
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
	Balance	√			$                       -	$                -
Mar. 7	Cash	CR9		252.96		$       252.96
Mar. 1	Able & Co.			140.24		$       393.20
Mar. 5	Able & Co.		2.24			$       390.96
Mar. 11	Blevins Bakery			99.12		$       490.08
Mar.16	Blevins Bakery		3.92			$       486.16
Mar. 14	Sales			334.64		$       820.80
Mar. 20	Blevins Bakery			154.32		$       975.12
Mar. 21	Cash			194.72		$   1,169.84
Mar. 28	Cash			280.96		$   1,450.80
Mar. 28	Thompson Group			163.92		$   1,614.72
ACCOUNT	Sales Account				ACCOUNT NO.
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--	Balance
Mar. 1	Able & Co.	√		1753	$                       -	$   1,753.00
Mar. 3	R.J. kalas Inc	CR9		2274		$   4,027.00
Mar. 7	Sales			3162		$ 14,984.00
Mar. 11	Blevins Bakery			1239		$   5,266.00
Mar. 14	Sales			4183		$ 19,167.00
Mar. 18	R.J. kalas Inc		0	2578		$   7,844.00
Mar. 21	Sales			2434		$ 21,601.00
Mar. 25	Blevins Bakery			1929		$   9,773.00
Mar. 27	Thompson Group		0	2049		$ 11,822.00
Mar. 28	Sales			3512		$ 25,113.00
ACCOUNTS RECEIVABLE LEDGER NAME Able & Co. ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Mar. 1 S6 1893.24 1893.24 05-Mar J5 30.24 1863 Mar. 10 CR9 1863 0 NAME Blevins Bakery ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Mar. 11 S6 1338.12 1338.12 16-Mar J5 52.92 1285.2 Mar. 20 CR9 1285.2 0 Mar. 25 S6 2083.32 NAME R. J. Kalas, Inc. ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Mar. 3 S6 2455.92 2455.92 Mar. 13 CR9 2455.92 0 Mar. 18 S6 2784.24 2784.24 NAME Thompson Group ADDRESS DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Balance √ 1068.25 1068.25 Mar. 27 S6 2212.92 3281.17
ACCOUNT	Sales Account				ACCOUNT NO.
					BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--	Balance
05-Mar	Able & Co.	√	28	0	$                       -	$         28.00
16-Mar	R.J. kalas Inc	CR9	49	0		$         77.00

ACCOUNTS RECEIVABLE LEDGER
NAME	Able & Co.
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
Mar. 1		S6	1893.24		1893.24
05-Mar		J5		30.24	1863
Mar. 10		CR9		1863	0
NAME	Blevins Bakery
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
Mar. 11		S6	1338.12		1338.12
16-Mar		J5		52.92	1285.2
Mar. 20		CR9		1285.2	0
Mar. 25		S6	2083.32
NAME	R. J. Kalas, Inc.
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
Mar. 3		S6	2455.92		2455.92
Mar. 13		CR9		2455.92	0
Mar. 18		S6	2784.24		2784.24
NAME	Thompson Group
ADDRESS
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
	Balance	√	1068.25		1068.25
Mar. 27		S6	2212.92		3281.17