chapter 10 3

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  1. Sales Transactions and T AccountsUsing T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each part, 1–5. If required, round your answers to two decimal places.
    1. No sales tax.
    (a) Merchandise is sold for $320 cash.
    (b) Merchandise is sold on account for $385.
    (c) Payment is received for merchandise sold on account.
    Cash












    Accounts Receivable












    Sales












    2. 5% sales tax.
    (a) Merchandise is sold for $320 cash plus sales tax.
    (b) Merchandise is sold on account for $385 plus sales tax.
    (c) Payment is received for merchandise sold on account.
    Cash












    Accounts Receivable












    Sales Tax Payable












    Sales












    3. Cash and credit sales, with returned merchandise.
    (a) Merchandise is sold for $340 cash.
    (b) $30 of merchandise sold for $340 is returned for refund.
    (c) Merchandise is sold on account for $280.
    (d) $25 of merchandise sold for $280 is returned for a credit.
    (e) Payment is received for balance owed on merchandise sold on account.
    Cash


















    Accounts Receivable


















    Sales












    Sales Returns and Allowances












    4. 5% sales tax, with returned merchandise.
    (a) Merchandise is sold on account for $400 plus sales tax.
    (b) Merchandise sold on account for $60 plus sales tax is returned for a credit.
    (c) Balance on account is received in cash.
    (d) Merchandise is sold for $260 cash plus sales tax.
    (e) $40 of merchandise sold for $260 cash plus sales tax is returned for a refund.
    Cash


















    Accounts Receivable


















    Sales Tax Payable
























    Sales












    Sales Returns and Allowances












    5. Sales on account, with 2/10, n/30 cash discount terms.
    (a) Merchandise is sold on account for $450.
    (b) The balance is paid within the discount period.
    (c) Merchandise is sold on account for $280.
    (d) The balance is paid after the discount period.
    Cash












    Accounts Receivable
























    Sales












    Sales Discounts






4 more Check My Work uses remaining.

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