Term
| Timer's Distributing accepted returned merchandise purchased on account by Serious Sports for, $400, plus sales tax of $32. What is the journal entry for Timer's Distributing to record this transaction? |
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Definition
| Debit Sales Returns and Allowances, $400, Sales Tax Payable, $32; Credit Accounts Receivable/Serious Sports, $432. |
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Term
| Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for, $613, plus sales tax of $48. What is the journal entry for Patty's Party Favors to record this transaction? |
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Definition
| Debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; Credit Accounts Receivable/The Wedding Planners, $661. |
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Term
| American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? |
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Definition
| Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. |
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Term
| Juan's Stuffed Animals accepted returned merchandise purchased on account by Penny Arcade for, $348, plus sales tax of $22. What is the journal entry for Juan's Stuffed Animals to record this transaction? |
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Definition
| Debit Sales Returns and Allowances, $348, Sales Tax Payable, $22; Credit Accounts Receivable/Penny Arcade, $370. |
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Term
| Delacom Communciations accepted returned merchandise purchased on account by Wave Com for, $997, plus sales tax of $62. What is the journal entry for Delacom Communciations to record this transaction? |
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Definition
| Debit Sales Returns and Allowances, $997, Sales Tax Payable, $62; Credit Accounts Receivable/Wave Com, $1,059. |
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Term
| Busters' Department Store sold merchandise for $65, plus sales tax of $4, to Jake Coble who charged the sale on his bank credit card. Mr. Coble later returned the merchandise. What is the journal entry for Busters' Department Store to record the returned merchandise? |
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Definition
| Debit Sales Returns and Allowances, $65, Sales Tax Payable, $4; Credit Cash, $69. |
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Term
| Lotta Milk, Inc. received $235 cash from Biggies Grocery for payment on account. What is the journal entry for Lotta Milk, Inc. to record this transaction? |
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Definition
| Debit Cash, $235; credit Accounts Receivable/Biggies Grocery, $235. |
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Term
| ABC Computers received $489 cash from Quality Electronics for payment on account. What is the journal entry for ABC Computers to record this transaction? |
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Definition
| Debit Cash, $489; credit Accounts Receivable/Quality Electronics, $489. |
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Term
| The Trough Restaurant received $195 cash from 1st Bank for payment on account. What is the journal entry for The Trough Restaurant to record this transaction? |
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Definition
| Debit Cash, $195; credit Accounts Receivable/1st Bank, $195. |
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Term
| Always On Electric received $177 cash from Emma Smith for payment on account. What is the journal entry for Always On Electric to record this transaction? |
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Definition
| Debit Cash, $177; credit Accounts Receivable/Emma Smith, $177. |
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Term
| City Utilities received $118 cash from Cody Waters for payment on account. Cody Waters took a $3 discount for paying early. What is the journal entry for City Utilities to record this transaction? |
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Definition
| Debit Cash, $118; debit Sales Discounts $3; credit Accounts Receivable/ Cody Waters, $121. |
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Term
| Murphy Hardware sold merchandise for cash to Tim Thompson for $813, plus sales tax of $56. Mr. Thompson later returned the merchandise. What is the journal entry for Murphy Hardware to record the returned merchandise? |
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Definition
| Debit Sales Returns and Allowances, $813, Sales Tax Payable, $56; Credit Cash, $869. |
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Term
| Food Supply received $320 cash from Pancake Hut for payment on account. What is the journal entry for Food Supply to record this transaction? |
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Definition
| Debit Cash, $320; credit Accounts Receivable/Pancake Hut, $320. |
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Term
| Fast Freddy Furniture received $175 cash from Wayne Sweeny for payment on account. What is the journal entry for Fast Freddy Furniture to record this transaction? |
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Definition
| Debit Cash, $175; credit Accounts Receivable/Wayne Sweeny, $175. |
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Term
| Piggy's Butcher House received $114 cash from Jimmy's Barbeque for payment on account. What is the journal entry for Piggy's Butcher House to record this transaction? |
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Definition
| Debit Cash, $114; credit Accounts Receivable/Jimmy's Barbeque, $114. |
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Term
| Marvin's Motorcycles received $125 cash from Stewart's Rides for payment on his account. Stewart's Rides took a $25 sales discount for paying early. What is the journal entry for Marvin's Motorcycles to record this transaction? |
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Definition
| Debit Cash, $125; debit Sales Discounts $25; credit Accounts Receivable/Stewart's Rides, $150. |
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