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
| Tony's Custom Pool Cues accepted returned merchandise purchased on account by 3rd Street Pool for, $806, plus sales tax of $52. What is the journal entry for Tony's Custom Pool Cues to record this transaction? |
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Definition
| Debit Sales Returns and Allowances, $806, Sales Tax Payable, $52; Credit Accounts Receivable/3rd Street Pool, $858. |
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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
| Slick's Used Cars received $415 cash from Eddie Baker for payment on account. What is the journal entry for Slick's Used Cars to record this transaction? |
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Definition
| Debit Cash, $415; credit Accounts Receivable/Eddie Baker, $415. |
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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
| Pesky Termite received $85 cash from Bad Wood Hotel for payment on account. What is the journal entry for Pesky Termite to record this transaction? |
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Definition
| Debit Cash, $85; credit Accounts Receivable/Bad Wood Hotel, $85. |
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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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Term
| Heart Medical received $544 cash from Corner Market for payment on account. Corner Market took a $26 discount for paying early. What is the journal entry for Heart Medical to record this transaction? |
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Definition
| Debit Cash, $544; debit Sales Discounts $26; credit Accounts Receivable/ Corner Market, $570. |
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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
| City Observer received $48 cash from Kevin Grayson for payment on account. Kevin Grayson took a $2 discount for paying early. What is the journal entry for City Observer to record this transaction? |
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Definition
| Debit Cash, $48; debit Sales Discounts $2; credit Accounts Receivable/ Kevin Grayson, $50. |
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