6. Enter the sales taxes collected in the Sales Tax Payable Credit column. 7. Enter the total cash received in the Cash in Bank Debit column. Cash Receipt Journal Page No. 1 Date Doc No. Account Number Post Ref. Sales Credit Sales Tax Payable Credit Cash in Bank Debit Dec. 15 T55 Bankcard Sales - $1,200 $150 $1,350 … 1,200 + 150 = 1,350 Part 2 (10 points): Prepare a sales journal based on the information given and post it to the Accounts Receivable Subsidiary Ledger using your spreadsheet software.
On Nov 12, Ms. Don & Co. sold merchandise on account to Gians Graze for $1,200 plus $250 sales tax. The source document for this transaction is Sales Slip 5. Guidelines For preparing a sales journal: 1. Enter the date of the sales slip in the Date column 2. Enter the sales slip number in the Sales Slip Number column 3. Enter the name of the customer in the Customer’s Account Debited column 4. Enter the total of the merchandise sold in the Sales Credit column 5. Enter the amount of the sales tax in the Sales Tax Payable Credit column 6. Enter the total amount to be received from the customer in the Accounts Receivable Debit column. For posting the sales journal to Accounts Receivable Subsidiary Ledger: 1. Enter the date of the transaction in the Date column of the subsidiary ledger account. 2. In the Posting reference column, enter the journal letter and the journal page number. 3. In the Debit column, enter the total amount to be received from the customer. 4. Compute the new balance and enter it in the Balance column. Return to the sales journal and enter a check mark in the Posting Reference column. Sales Journal Page No. 1 Date Sales Invoice No. Customer’s Account Debited Post Ref. Sales Credit Sales Tax Payable Credit Accounts Receivable Debit Nov. 12 5 Gians Graze $1,200 $250 $1,450 … 1,200 + 250 = 1,450 Name: Gians Graze Address: XXX Page No. 1 Date Description Post Ref. Debit Credit Balance Debit Credit Nov. 12 Balance S1 $1,450 $1,450
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- Fall '09
- invoice, Sales Journal, The sales journal, bankcard sales