Feb 2 - Received cash on account from customer Andy Griffith, $390.50, no discount. Issued receipt #19 covering sales invoice #14. Feb 3 - Received cash on account from customer Roy Williams, $209.23. In payment for sales invoice #15; invoice amount is $213.50 ($200.00 plus sales tax $13.50) less discount and sales tax. Issued receipt #20. Feb 5 - Business recorded cash sales of $2,098.16 plus sales tax of $141.63 for total of $2,239.79. Cash register tape #5. Feb 6 - Received cash on account from customer Ron Howard, $693.40. In payment for sales invoice #16; invoice amount of $707.55 ($662.81 plus sales tax $44.74) less discount and sales tax. Issued receipt #21. Feb 7 - Business recorded cash sales of $1,749.08 plus sales tax of $118.06 for total of $1,867.14. Cash register tape #7. Feb 8 - Received cash on account from customer Tim Duncan during discount period as payment in full on sales invoice #17. Invoice amount is $733.70 ($687.31 sale plus sales tax of $46.39). Issued receipt #22. (HINT: customer did NOT pay full invoice amount). Feb 9 - Business recorded cash sales of $2,844.17. Cash register tape #9. (HINT: you need two more numbers to complete the journal entry). Use the following transactions and put them into a cash receipt journal. Also include the total debit and credit and if they’re equal

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 3MC

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Question

Feb 2 - Received cash on account from customer Andy Griffith, $390.50, no discount. Issued receipt #19 covering sales invoice #14. Feb 3 - Received cash on account from customer Roy Williams, $209.23. In payment for sales invoice #15; invoice amount is $213.50 ($200.00 plus sales tax $13.50) less discount and sales tax. Issued receipt #20. Feb 5 - Business recorded cash sales of $2,098.16 plus sales tax of $141.63 for total of $2,239.79. Cash register tape #5. Feb 6 - Received cash on account from customer Ron Howard, $693.40. In payment for sales invoice #16; invoice amount of $707.55 ($662.81 plus sales tax $44.74) less discount and sales tax. Issued receipt #21. Feb 7 - Business recorded cash sales of $1,749.08 plus sales tax of $118.06 for total of $1,867.14. Cash register tape #7. Feb 8 - Received cash on account from customer Tim Duncan during discount period as payment in full on sales invoice #17. Invoice amount is $733.70 ($687.31 sale plus sales tax of $46.39). Issued receipt #22. (HINT: customer did NOT pay full invoice amount). Feb 9 - Business recorded cash sales of $2,844.17. Cash register tape #9. (HINT: you need two more numbers to complete the journal entry). Use the following transactions and put them into a cash receipt journal. Also include the total debit and credit and if they’re equal.

CASH RECEIPTS JOURNAL
PAGE
4
1
3
4.
7
ACCOUNTS
SALES
SALES TAX PAYABLE
DEBIT
6
DOC. POST.
REF.
GENERAL
RECEIVABLE
SALES
DISCOUNT
CASH
7
DATE
ACCOUNT TITLE
NO
DEBIT
CREDIT
CREDIT
CREDIT
CREDIT
DEBIT
DEBIT
Do debits = credits?
9
1
1 February
2
.
2
Total Debits Total Credits
10
2
3
3
11
3
12
4
4
61
5
6
13
5
7.
14
6
7
15
7
8
16
8
9
17
9
10
11
12
18
10
19
11
20
12
13
21
13
14
22
14
15

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