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ACC 291 Week 1 Apply Connect Assignment NEW (With Excel File)
ACC 291 Week 1 Apply Connect Assignment NEW (With Excel File)
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ACC 291 Week 1 Apply Connect Assignment NEW (With Excel File)

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ACC 291 Week 1 Apply Connect Assignment

Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions.

DATE TRANSACTIONS

2019   

Sept.    1                      Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $3,200 plus sales tax of $224.

            3                      Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70.

            7                      Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $400 plus sales tax of $28.

            12                    Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3.

            15                    Recorded cash sales for the period from September 1 to September 15 of $9,000 plus sales tax of $630.

            16                    Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $700 plus sales tax of $49.

            17                    Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,200 plus sales tax of $154.

            18                    Received $780 from Candy Cho on account.

            20                    Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12.

            25                    Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $100 plus sales tax of $7

            27                    Received payment in full from Bridgette Huffman for the sale of September 7

            29                    Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $500 plus sales tax of $35.

            30                    Recorded cash sales for the period from September 16 to September 30 of $11,900 plus sales tax of $833.

GENERAL LEDGER ACCOUNTS                                            

101      Cash                401      Sales

111      Accounts Receivable              421      Sales Returns and Allowances

221      Sales Tax Payable                              

ACCOUNTS RECEIVABLE LEDGER ACCOUNTS

Candy Cho                  Jim Peterson   

Bridgette Huffman                 Kathy Sundstrand      

Mark Navalta                         

Required:

Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger.

Prepare a schedule of accounts receivable.

Analyze:

What is the amount of sales tax owed at September 30, 2019?

Question 2

The Appliance Store began operations March 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. During March, The Appliance Store engaged in the following transactions:

TRANSACTIONS

1-Mar  Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for $600 plus sales tax of $36.

4-Mar  Sold merchandise on credit to Castor Phan; issued Sales Slip 102 for $950 plus sales tax of $57.

12-Mar            Sold merchandise on credit to Chris Hughes; issued Sales Slip 103 for $1,100 plus sales tax of $66.

15-Mar            Recorded cash sales for the period from March 1 to March 15 of $5,700 plus sales tax of $342.

25-Mar            Sold merchandise on credit to Brian Cooley; issued Sales Slip 104 for $900 plus sales tax of $54.

28-Mar            Received a check from Castor Phan of $310 to apply toward his account.

31-Mar            Recorded cash sales for the period from March 16 to March 31 of $2,600 plus sales tax of $156.

31-Mar            Received payment in full from Dave Allen for the sale of March 1.

Required:                               

            1. Record the transactions in a general journal.                     

            2. Post the entries from the general journal to the appropriate general ledger accounts.                                                        

GENERAL LEDGER ACCOUNTS                        

101      Cash    221      Sales Tax Payable

111      Accounts Receivable  401      Sales                              

Analyze:          What were the total cash receipts during March?

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