SECOND REVISED
b-te_10-study-221-224.qxd 11/2/07 6:00 PM Page 221
Study
Guide
10
Perfect
Score
Name
Identifying Accounting Terms
Analyzing Sales and Cash Receipts
Analyzing Transactions Recorded in Special Journals
Total
14
24
15
53
Your
Score
Pts.
Pts.
Pts.
Pts.
Part One—Identifying Accounting Terms
Directions: Select the term in Column I that best fits each definition in Column II.
Print the letter identifying your choice in the Answers column.
Column II
Column I
Answers
A. batch report
1. A person or business to whom merchandise or services are sold.
(p. 270)
1.
G
B. batching out
2. A tax on a sale of merchandise or services. (p. 270)
2.
M
3.
K
C. cash receipts journal
3. A special journal used to record only sales of merchandise on
account. (p. 272)
4. A sale in which cash is received for the total amount of the sale
at the time of the transaction. (p. 276)
4.
D
D. cash sale
5.
E
E. credit card sale
5. A sale in which a credit card is used for the total amount of the
sale at the time of the transaction. (p. 276)
6. A computer used to collect, store, and report all the information
of a sales transaction. (p. 276)
6.
H
F. credit memorandum
7.
N
G. customer
7. The report that summarizes the cash and credit card sales of a
point-of-sale terminal. (p. 276)
8. A report of credit card sales produced by a point-of-sale
terminal. (p. 278)
8.
A
9. The process of preparing a batch report of credit card sales
from a point-of-sale terminal. (p. 278)
9.
B
10. A special journal used to record only cash receipt transactions.
(p. 278)
10.
C
11. A cash discount on sales taken by a customer. (p. 278)
11.
J
12. Credit allowed a customer for the sales price of returned
merchandise, resulting in a decrease in the vendor’s accounts
receivable. (p. 285)
12.
L
13.
I
M. sales tax
13. Credit allowed a customer for part of the sales price of
merchandise that is not returned, resulting in a decrease in the
vendor’s accounts receivable. (p. 285)
14. A form prepared by the vendor showing the amount deducted
for returns and allowances. (p. 285)
14.
F
N. terminal summary
H. point-of-sale (POS)
terminal
I.
sales allowance
J.
sales discount
K. sales journal
L. sales return
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
Chapter 10 • 221
SECOND REVISED
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Part Two—Analyzing Sales and Cash Receipts
Directions: Place a T for True or an F for False in the Answers column to
show whether each of the following statements is true or false.
Answers
1. Most states do not require a business to collect sales tax from customers. (p. 270)
1.
F
2. Sales tax rates are usually stated as a percentage of sales. (p. 270)
2.
T
3. A sale of merchandise increases the revenue of a business. (p. 271)
3.
T
4. The Realization of Revenue accounting concept is applied when a sale is recorded at the
time the sale is made. (p. 271)
4.
T
5. A sale on account is not the same as a charge sale. (p. 271)
5.
F
6. A credit card sale is a sale in which cash is received for the total amount of the sale at
the time of the transaction. (p. 276)
6.
F
7. A cash sale is a sale in which a credit card is used for the total amount of the sale at the
time of the transaction. (p. 276)
7.
F
8. At the end of the week, all credit card slips are gathered together, sorted by issuing
bank, and mailed individually to each of the banks to collect payment. (p. 278)
8.
F
9. All cash receipts, including cash sales and credit card sales, are recorded in the cash
receipts journal. (p. 278)
9.
T
10. The total of a terminal summary can be recorded as a single cash sales transaction. (p. 279)
10.
T
11. For cash and credit card sales, the asset account Cash is debited for the total of sales and
sales tax, but the revenue account Sales is credited only for the total of sales. (p. 279)
11.
T
12. The revenue account Sales has a normal credit balance. (p. 279)
12.
T
13. The liability account Sales Tax Payable has a normal debit balance. (p. 279)
13.
F
14. The source document for cash received on account from a customer is a receipt. (p. 280)
14.
T
15. When cash is received on account, the cash account balance increases and the accounts
receivable account balance increases. (p. 280)
15.
F
16. When a sales discount is taken, a customer pays less cash than the invoice amount
previously recorded in the sales account. (p. 281)
16.
T
17. The account Sales Discount increases sales. (p. 282)
17.
F
18. Maintaining a separate account for sales discounts provides business managers with
information to evaluate whether a sales discount is a cost-effective method. (p. 282)
18.
T
19. If a customer does not pay the amount owed within the sales discount period, the full
invoice amount is due. (p. 282)
19.
T
20. After the cash receipts journal is proved at the end of the month, cash is proved. (p. 283)
20.
T
21. All transactions can be recorded in a special journal. (p. 285)
21.
F
22. Credit may be granted to a customer only when merchandise is returned. (p. 285)
22.
F
23. Sales returns and sales allowances increase the amount of sales. (p. 285)
23.
F
24. The account Sales Returns and Allowances is a contra account. (p. 285)
24.
T
222 • Working Papers TE
CENTURY 21 ACCOUNTING, 9TH EDITION
SECOND REVISED
b-te_10-study-221-224.qxd 11/2/07 6:00 PM Page 223
Name
Date
Class
Part Three—Analyzing Transactions Recorded in
Special Journals
Directions: In Answers Column l, print the abbreviation for the journal in
which each transaction is to be recorded. In Answers Columns 2 and 3, print
the letters identifying the accounts to be debited and credited for each
transaction.
SJ—Sales journal; GJ—General journal; CRJ—Cash receipts journal
Answers
Account Titles
Transactions
Journal Debit Credit
A. Accounts
Receivable
1–2–3. Sold merchandise on account to Penny Kellar, plus
sales tax. (p. 273)
1. SJ
2. A, C
B. Cash
4–5–6. Recorded cash and credit card sales, plus sales tax.
(p. 279)
4. CRJ
5.
B
6. E, H
7. CRJ
8.
B
9. A, D
C. Penny Kellar
D. Jim Tauras
7–8–9. Received cash on account from Jim Tauras. (p. 280)
E. Sales
F. Sales Discount
10–11–12. Received cash on account from Penny Kellar, less
sales discount. (p. 282)
G. Sales Returns
13–14–15. Granted credit to Jim Tauras for merchandise
and Allowances
returned, plus sales tax. (p. 286)
H. Sales Tax
Payable
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
3. E, H
10. CRJ 11. F, B 12. A, C
13. GJ
14. G, H 15. A, D
Chapter 10 • 223
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SECOND REVISED
Study
Skills
Setting Priorities
Do you work hard every day but never seem to get your work completed? Do you spend hours on an
assignment only to find that it is of little importance? Do you sometimes feel that you waste your time?
If you answer yes to these questions, you should take a close look at your priorities.
You have only a limited amount of time available, and you will likely never be able to do everything you
would like to do. Therefore, you must decide which things are the most important and concentrate on them.
Placing a Value on Jobs
There may be jobs that you do not enjoy doing, and under ordinary circumstances, you might put them off
and complete other work instead. However, the things that you put off may be the most important things
that you should do. They should be given a high priority.
There may be jobs that you enjoy doing, but these jobs might be of little real value to you in your personal,
business, or school life. These activities should receive a low priority.
When you decide which jobs to spend your time on, you should look at each one and determine its overall
value in relation to the other jobs that you should do.
Getting Your Jobs in Order
An easy method of setting priorities is to sit down every morning and list the things that you should do
during the day. Let’s suppose that your list contains six jobs. When you have decided what should be done,
you should rank the jobs in order of importance. The most important should be first, and the least important
should be last.
You should then begin working at the top of the list. As you do each task, mark it off. Perhaps you will
be able to mark off all the items, but you may complete only three or four. This is satisfactory, however,
because you used your time on the items of most importance. If you do not complete one or two jobs at the
bottom of the list, do not worry. They were the least important.
Conclusion
You will probably never complete every job you want to do. If you do the most important things every day,
however, you will accomplish a great deal. You will be successful because you have set your priorities
correctly.
224 • Working Papers TE
CENTURY 21 ACCOUNTING, 9TH EDITION
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SECOND REVISED
Page 225
Name
Date
10-1
Class
WORK TOGETHER, p. 275
Journalizing sales on account; proving and ruling a sales journal
1., 2.
SALES JOURNAL
DATE
SALE
NO.
ACCOUNT DEBITED
20 – –
1
2
Sept. 1 Adrian Makowski
11 Columbus City Schools
3
28 Swiss Delight
4
30 Totals
PAGE
POST.
REF.
9
1
2
3
ACCOUNTS
RECEIVABLE
DEBIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
104
8 4 8 00
8 0 0 00
4 8 00
105
8 7 5 00
8 7 5 00
106
1 5 4 7 60
1 4 6 0 00
8 7 60
3
3 2 7 0 60
3 1 3 5 00
1 3 5 60
4
1
2
5
5
6
6
7
7
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
2.
Col.
No.
1
2
3
Column Title
Debit
Totals
Accounts Receivable Debit . . . . . . . . . . . . . .
Sales Credit . . . . . . . . . . . . . . . . . . . . . . .
Sales Tax Payable Credit . . . . . . . . . . . . . .
$3,270.60
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$3,270.60
Chapter 10
Credit
Totals
$3,135.00
135.60
$3,270.60
Journalizing Sales and Cash Receipts Using Special Journals • 225
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11/1/07
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SECOND REVISED
Page 226
ON YOUR OWN, p. 275
Journalizing sales on account; proving and ruling a sales journal
1., 2.
SALES JOURNAL
DATE
ACCOUNT DEBITED
20 – –
SALE
NO.
PAGE
POST.
REF.
6
1
2
3
ACCOUNTS
RECEIVABLE
DEBIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
June 5 Peter Gallaher
12 Spann Auto Supply
410
6 8 9 00
6 5 0 00
3 9 00
1
411
6 2 5 40
5 9 0 00
3 5 40
2
3
24 Fleming College
412
5 4 5 00
5 4 5 00
4
30 Totals
1 8 5 9 40
1 7 8 5 00
1
2
3
7 4 40
4
5
5
6
6
7
7
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
2.
Col.
No.
1
2
3
Debit
Totals
Column Title
Accounts Receivable Debit . . . . . . . . . . . . . .
Sales Credit . . . . . . . . . . . . . . . . . . . . . . .
Sales Tax Payable Credit . . . . . . . . . . . . . .
$1,859.40
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$1,859.40
226 • Working Papers TE
Credit
Totals
$1,785.00
74.40
$1,859.40
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
Chapter 10
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1
2
3
4
5
6
7
Col.
No.
$15,223.30
Checkbook balance on the next unused check stub . . . . . . . . . . .
$11,764.96
15,103.52
$26,868.48
8,779.53
$18,088.95
$18,088.95
13
13
Cash on hand at the beginning of the month . . . .
Plus total cash received during the month . . . . . .
Equals total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less total cash paid during the month . . . . . . . . .
Equals cash balance on hand at end of the month
12
12
—
$ 6,360.00
8,361.60
501.70
11
11
Date
—
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.
.
. $ 119.78
. 15,103.52
. $15,223.30
10
10
Page 227
General Debit . . . . . . . . . . . .
General Credit . . . . . . . . . . .
Accounts Receivable Credit .
Sales Credit . . . . . . . . . . . . .
Sales Tax Payable Credit . . .
Sales Discount Debit . . . . . .
Cash Debit . . . . . . . . . . . . . .
Totals . . . . . . . . . . . . . . . . . .
9
9
Name
2.
8
8
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4
3
2
1
7
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1 1 9 78 15 1 0 3 52
1 1 9 78 5 8 6 9 22
8 8 6 3 30
3 7 1 00
CASH
DEBIT
7
CASH PROOF
5 0 1 70
5 0 1 70
SALES
DISCOUNT
DEBIT
16
6
Credit
Totals
8 3 6 1 60
6 3 6 0 00 8 3 6 1 60
5 9 8 9 00
3 7 1 00
SALES TAX
PAYABLE
CREDIT
PAGE
6
3.
CREDIT
SALES
CREDIT
ACCOUNTS
RECEIVABLE
CREDIT
6
5
✔
DEBIT
GENERAL
5
5
Debit
Totals
31 Totals
4
Column Title
R145
30 Sierra Supply
3
R144
POST.
REF.
4
3
3:56 AM
2
1
TS43
ACCOUNT TITLE
Oct. 4 Oakley Company
13 ✔
20 – –
DOC.
NO.
2
10-2
1
CASH RECEIPTS JOURNAL
11/1/07
DATE
1., 2., 4.
Journalizing cash receipts; proving and ruling a cash receipts journal
BTE_Ch10-225-248.qxd
SECOND REVISED
Class
WORK TOGETHER, p. 284
Journalizing Sales and Cash Receipts Using Special Journals • 227
228 • Working Papers TE
1
2
3
4
5
6
7
Col.
No.
2.
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Credit
Totals
CASH PROOF
General Debit . . . . . . . . . . . .
General Credit . . . . . . . . . . .
Accounts Receivable Credit .
Sales Credit . . . . . . . . . . . . .
Sales Tax Payable Credit . . .
Sales Discount Debit . . . . . .
Cash Debit . . . . . . . . . . . . . .
Totals . . . . . . . . . . . . . . . . . .
—
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.
. $
29.18
.
5,298.67
. $ 5,327.85
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Checkbook balance on the next unused check stub . . . . . . . . . . .
Cash on hand at the beginning of the month . . . .
Plus total cash received during the month . . . . . .
Equals total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less total cash paid during the month . . . . . . . . .
Equals cash balance on hand at end of the month
$ 2,848.10
5,298.67
$ 8,146.77
4,284.25
$ 3,862.52
$ 3,862.52
Page 228
$ 5,327.85
—
$ 1,884.00
3,254.30
189.55
13
11
11
13
10
10
12
9
9
12
8
8
4
3
2
1
7
2 9 18 5 2 9 8 67
2 9 18 1 4 2 9 82
3 4 4 3 85
4 2 5 00
7
Debit
Totals
7
CASH
DEBIT
17
6
1 8 9 55
1 8 9 55
SALES
DISCOUNT
DEBIT
PAGE
6
3.
3 2 5 4 30
1 8 8 4 00 3 2 5 4 30
1 4 5 9 00
4 2 5 00
SALES TAX
PAYABLE
CREDIT
6
5
✔
CREDIT
SALES
CREDIT
ACCOUNTS
RECEIVABLE
CREDIT
5
5
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30 Totals
4
R313
TS48
R312
DEBIT
GENERAL
4
3
3:56 AM
Column Title
27 Cooley Used Cars
3
Nov. 2 Wakeman Auto
13 ✔
ACCOUNT TITLE
POST.
REF.
2
11/1/07
2
1
20 – –
DOC.
NO.
1
CASH RECEIPTS JOURNAL
10-2
DATE
1., 2., 4.
Journalizing cash receipts; proving and ruling a cash receipts journal
BTE_Ch10-225-248.qxd
SECOND REVISED
ON YOUR OWN, p. 284
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
BTE_Ch10-225-248.qxd
11/1/07
3:56 AM
SECOND REVISED
Page 229
Name
10-3
Date
Class
WORK TOGETHER, p. 287
Journalizing sales returns and allowances using a general journal
1.
GENERAL JOURNAL
DATE
ACCOUNT TITLE
20 – –
1
2
3
4
5
June 3 Sales Returns and Allowances
PAGE
DOC.
NO.
CM41
Sales Tax Payable
POST.
REF.
DEBIT
Accounts Receivable/Westfall High School
CREDIT
4 5 7 00
1
3 6 56
2
Accounts Receivable/Wilbanks and Associates
6 Sales Returns and Allowances
6
4 9 3 56
CM42
6 7 00
3
4
6 7 00
5
6
6
7
7
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
Chapter 10
Journalizing Sales and Cash Receipts Using Special Journals • 229
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SECOND REVISED
Page 230
ON YOUR OWN, p. 287
Journalizing sales returns and allowances using a general journal
1.
GENERAL JOURNAL
DATE
ACCOUNT TITLE
20 – –
1
2
3
4
5
July 3 Sales Returns and Allowances
PAGE
DOC.
NO.
CM86
POST.
REF.
DEBIT
Sales Tax Payable
Accounts Receivable/Karen's Fine Gifts
CREDIT
4 6 00
1
4 6 00
Accounts Receivable/Carver High School
4 Sales Returns and Allowances
7
CM87
2
4 2 5 00
3
2 5 50
4
4 5 0 50
5
6
6
7
7
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
230 • Working Papers TE
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
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SECOND REVISED
Page 231
Name
Date
10-1
Class
APPLICATION PROBLEM, p. 289
Journalizing sales on account; proving and ruling a sales journal
1., 2.
SALES JOURNAL
DATE
SALE
NO.
ACCOUNT DEBITED
20 – –
1
2
Sept. 2 Ketchum Clothing
5 Norton Industries
PAGE
POST.
REF.
10
1
2
3
ACCOUNTS
RECEIVABLE
DEBIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
134
4 8 4 95
4 5 7 50
2 7 45
1
135
3 6 5 70
3 4 5 00
2 0 70
2
3
10 Jackson City Schools
136
4 2 6 00
4 2 6 00
4
17 Riley & Slay, CPAs
137
5 5 3 32
5 2 2 00
5
23 Meadowbrook Church
138
4 5 3 00
4 5 3 00
6
30 Tang Construction
139
5 4 2 72
5 1 2 00
3 0 72
6
7
30 Totals
2 8 2 5 69
2 7 1 5 50
1 1 0 19
7
3
3 1 32
4
5
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
2.
Col.
No.
1
2
3
Column Title
Debit
Totals
Accounts Receivable Debit . . . . . . . . . . . . .
Sales Credit . . . . . . . . . . . . . . . . . . . . . . .
Sales Tax Payable Credit . . . . . . . . . . . . . .
$2,825.69
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,825.69
Chapter 10
Credit
Totals
$2,715.50
110.19
$2,825.69
Journalizing Sales and Cash Receipts Using Special Journals • 231
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R288
31
31 Totals
10
11
2 0 1 40
Credit
Totals
2 3 6 96
3.
2 0 4 30
2 1 0 0 00
3 1 8 0 00
2 3 7 2 00
2 6 5 0 00
2 5 3 4 00
6 9 3 82
1 0 4 25
1 7 0 80
1 3 2 43
1 4 0 80
1 4 5 54
General Debit . . . . . . . . . . . .
General Credit . . . . . . . . . . .
Accounts Receivable Credit .
Sales Credit . . . . . . . . . . . . .
Sales Tax Payable Credit . . .
Sales Discount Debit . . . . . .
Cash Debit . . . . . . . . . . . . . .
Totals . . . . . . . . . . . . . . . . . .
—
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.
.
.
.$
8.12
. 14,822.56
. $14,830.68
$14,830.68
—
$ 1,300.86
12,836.00
693.82
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.
Checkbook balance on the next unused check stub . . . . . . . . . . .
Cash on hand at the beginning of the month . . . .
Plus total cash received during the month . . . . . .
Equals total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less total cash paid during the month . . . . . . . . .
Equals cash balance on hand at end of the month
$ 2,548.25
14,822.56
$17,370.81
15,485.25
$ 1,885.56
$ 1,885.56
Page 232
1
2
3
4
5
6
7
Col.
No.
2.
14
14
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.
.
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.
10
2 2 0 4 25
13
.
.
.
.
.
9
1 9 7 37
11
8
7
2 3 6 96
3 3 5 0 80
6
5
4
3
2
1
2 5 0 4 43
2 0 0 21
2 7 9 0 80
3 1 2 60
2 6 7 9 54
3 4 5 60
8 12 14 8 2 2 56
4 03
4 09
7
CASH
DEBIT
15
13
CASH PROOF
1 3 0 0 86 12 8 3 6 00
3 1 2 60
3 4 5 60
SALES
DISCOUNT
DEBIT
PAGE
12
Debit
Totals
TS32
R292
TS31
R291
TS30
R290
CREDIT
SALES TAX
PAYABLE
CREDIT
6
12
.
.
.
.
.
.
.
.
30 JGN Industries
9
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24
8
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24 Kelly Modeling Agency
7
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17
6
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.
15 Lambert News
5
TS29
DEBIT
SALES
CREDIT
ACCOUNTS
RECEIVABLE
CREDIT
5
3:56 AM
Column Title
10
4
R289
4
8 WXGS Television
4
TS28
4
Aug. 1 Reader Advertising
3
ACCOUNT TITLE
4
232 • Working Papers TE
3
2
1
DATE
20 – –
GENERAL
4
3
4
POST.
REF.
2
4
DOC.
NO.
1
CASH RECEIPTS JOURNAL
11/1/07
4
4
1., 2., 4.
10-2
4
4
Journalizing cash receipts; proving and ruling a cash receipts journal
BTE_Ch10-225-248.qxd
SECOND REVISED
APPLICATION PROBLEM, pp. 289, 290
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
BTE_Ch10-225-248.qxd
11/1/07
3:56 AM
SECOND REVISED
Page 233
Name
Date
10-3
Class
APPLICATION PROBLEM, p. 290
Journalizing sales returns and allowances using a general journal
1.
GENERAL JOURNAL
DATE
ACCOUNT TITLE
20 – –
1
2
3
4
5
6
7
8
July 2 Sales Returns and Allowances
PAGE
DOC.
NO.
CM61
Sales Tax Payable
POST.
REF.
DEBIT
1
1 5 18
2
2 6 8 18
CM62
Sales Tax Payable
4
1 4 10
5
2 4 9 10
Accounts Receivable/Jefferson School
CM63
3
2 3 5 00
Accounts Receivable/Allergy Associates
12 Sales Returns and Allowances
CREDIT
2 5 3 00
Accounts Receivable/Tahai Industries
4 Sales Returns and Allowances
14
1 3 4 25
6
7
1 3 4 25
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
Chapter 10
Journalizing Sales and Cash Receipts Using Special Journals • 233
BTE_Ch10-225-248.qxd
10-4
11/1/07
3:56 AM
SECOND REVISED
Page 234
MASTERY PROBLEM, p. 290
Journalizing sales and cash receipts transactions; proving and ruling journals
1., 2., 3.
SALES JOURNAL
DATE
ACCOUNT DEBITED
SALE
NO.
2
POST.
REF.
✔
20 – –
1
PAGE
Oct. 24 Brought Forward
27 County Hospital
3
30 Southeastern University
4
31 Totals
19
1
2
3
ACCOUNTS
RECEIVABLE
DEBIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
1 4 9 6 6 70 1 4 5 2 1 55
4 4 5 15
1
1 9 58
2
443
5 0 9 08
4 8 9 50
444
3 6 4 3 50
3 6 4 3 50
1 9 1 1 9 28 1 8 6 5 4 55
3
4 6 4 73
4
5
5
6
6
7
7
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
2.
Col.
No.
1
2
3
Debit
Totals
Column Title
Accounts Receivable Debit . . . . . . . . . . . . .
Sales Credit . . . . . . . . . . . . . . . . . . . . . . .
Sales Tax Payable Credit . . . . . . . . . . . . . .
$19,119.28
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$19,119.28
234 • Working Papers TE
Credit
Totals
$18,654.55
464.73
$19,119.28
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
29 Summit Lodge
4
Chapter 10
.
.
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.
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.
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.
.
.
.
.
1
2
3
4
5
6
7
Col.
No.
$43,777.59
—
$13,981.49
28,701.12
1,094.98
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
Checkbook balance on the next unused check stub . . . . . . . . . . .
Cash on hand at the beginning of the month . . . .
Plus total cash received during the month . . . . . .
Equals total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less total cash paid during the month . . . . . . . . .
Equals cash balance on hand at end of the month
$ 4,483.25
43,750.47
$48,233.72
39,315.22
$ 8,918.50
$ 8,918.50
Date
—
.
.
.
.
.
.$
27.12
. 43,750.47
. $43,777.59
14
14
.
.
.
.
.
.
.
.
13
13
Page 235
General Debit . . . . . . . . . . . .
General Credit . . . . . . . . . . .
Accounts Receivable Credit .
Sales Credit . . . . . . . . . . . . .
Sales Tax Payable Credit . . .
Sales Discount Debit . . . . . .
Cash Debit . . . . . . . . . . . . . .
Totals . . . . . . . . . . . . . . . . . .
12
12
Name
4.
11
11
7
6
5
4
3
2
1
10
CASH PROOF
2 7 12 43 7 5 0 47
1 2 7 4 22
4 6 7 24
4 4 4 1 60
2 7 12 1 3 2 8 88
36 2 3 8 53
10
Credit
Totals
4 2 22
7
CASH
DEBIT
20
9
5.
1 2 3 2 00
1 2 6 60
13 9 8 1 49 28 7 0 1 12 1 0 9 4 98
4 6 7 24
4 3 1 5 00
9 2 6 16
SALES
DISCOUNT
DEBIT
PAGE
9
✔
✔
1 3 5 6 00
12 1 5 8 25 23 1 5 4 12
SALES TAX
PAYABLE
CREDIT
6
8
Debit
Totals
TS45
R294
TS44
R293
✔
CREDIT
SALES
CREDIT
ACCOUNTS
RECEIVABLE
CREDIT
5
8
Column Title
31 Totals
6
7
31
5
✔
28
✔
Oct. 24 Brought Forward
26 Slumber Inns
DEBIT
GENERAL
4
3
3:56 AM
3
2
1
ACCOUNT TITLE
POST.
REF.
2
11/1/07
20 – –
DOC.
NO.
1
CASH RECEIPTS JOURNAL
10-4
DATE
1., 4., 5., 6.
BTE_Ch10-225-248.qxd
SECOND REVISED
Class
MASTERY PROBLEM (continued)
Journalizing Sales and Cash Receipts Using Special Journals • 235
BTE_Ch10-225-248.qxd
10-4
11/1/07
3:56 AM
SECOND REVISED
Page 236
MASTERY PROBLEM (concluded)
1.
GENERAL JOURNAL
DATE
ACCOUNT TITLE
20 – –
1
2
3
Oct. 29 Sales Returns and Allowances
Sales Tax Payable
Accounts Receivable/Slumber Inns
PAGE
DOC.
NO.
CM54
POST.
REF.
DEBIT
14
CREDIT
1 2 4 00
1
4 96
2
1 2 8 96
3
4
4
5
5
6
6
7
7
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
236 • Working Papers TE
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
BTE_Ch10-225-248.qxd
11/1/07
3:56 AM
SECOND REVISED
Page 237
Name
Date
10-5
Class
CHALLENGE PROBLEM, p. 291
Journalizing transactions; proving and ruling special journals
1., 2., 5.
SALES JOURNAL
DATE
SALE
NO.
ACCOUNT DEBITED
20 – –
1
2
May 4 First National Bank
14 Jackson Public Schools
3
23 SDR Investment Trust
4
31 Totals
PAGE
POST.
REF.
5
1
2
3
ACCOUNTS
RECEIVABLE
DEBIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
567
5 8 9 68
5 4 6 00
4 3 68
568
4 5 0 00
4 5 0 00
569
1 5 7 2 48
1 4 5 6 00
1 1 6 48
3
2 6 1 2 16
2 4 5 2 00
1 6 0 16
4
1
2
5
5
6
6
7
7
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
3.
Col.
No.
1
2
3
Column Title
Debit
Totals
Accounts Receivable Debit . . . . . . . . . . . . .
Sales Credit . . . . . . . . . . . . . . . . . . . . . . .
Sales Tax Payable Credit . . . . . . . . . . . . . .
$2,612.16
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,612.16
Chapter 10
Credit
Totals
$2,452.00
160.16
$2,612.16
Journalizing Sales and Cash Receipts Using Special Journals • 237
BTE_Ch10-225-248.qxd
10-5
11/1/07
3:56 AM
SECOND REVISED
Page 238
CHALLENGE PROBLEM (continued)
1., 2., 5.
PURCHASES JOURNAL
DATE
ACCOUNT CREDITED
20 – –
1
2
May 3 Angelo Lawn Supplies
7 Forde Collectibles
PAGE
PURCH. POST.
NO.
REF.
5
PURCHASES DR.
ACCTS. PAY. CR.
91
1 3 4 0 00
1
92
1 3 0 0 00
2
3
16 Tom's Sod Farm
93
2 9 0 0 00
3
4
23 LawnScapes, Inc.
94
4 4 8 8 00
4
5
31 Totals
1 0 0 2 8 00
5
6
6
7
7
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
238 • Working Papers TE
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
Chapter 10
8 7 5 3 60
3.
Column Title
..........
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$10,928.05
8,753.60
$ 2,174.45
$
20.80
10,907.25
$10,928.05
—
Date
...........
..........
..........
..........
Credit
Column Totals
Page 239
General Debit . . . . . . . . . . . .
General Credit . . . . . . . . . . .
Accounts Payable Debit . . . . .
Purchases Discount Credit . . .
Cash Credit . . . . . . . . . . . . .
Debit
Column Totals
16
14
16
2 0 80 1 0 9 0 7 25
15
31 Totals
15
14
Name
2 1 7 4 45
13
1 20
Cash Short and Over
13
12
12
9 6 00
Advertising Expense
11
Miscellaneous Expense
Supplies—Store
10
11
9
8
7
6
1 0 5 00
3 6 1 60
1 0 2 00
8 1 60
1 0 1 9 20
5
4
3
2
10
7 4 40
352
31 Supplies—Office
9
2 0 80
8 9 40
3 5 45
7 6 3 2 00
1 8 6 00
1
8 5 00
1 0 2 00
350
17 Office Mart
7
351
349
11 Forde Collectibles
6
25 Advertising Expense
8 1 60
8 9 40
348
5 Purchases
5
5
CASH
CREDIT
8
1 4 0 0 00
PAGE
3:56 AM
8
1 0 4 0 00
3 5 45
347
5 Supplies—Office
4
7 6 3 2 00
346
4 Northeast Nurseries
3
1 8 6 00
345
1 4 0 0 00
344
CREDIT
PURCHASES
DISCOUNT
CREDIT
ACCOUNTS
PAYABLE
DEBIT
3 Utilities Expense
May 1 Rent Expense
DEBIT
GENERAL
4
3
2
1
ACCOUNT TITLE
POST.
REF.
2
11/1/07
20 – –
CK.
NO.
1
CASH PAYMENTS JOURNAL
10-5
DATE
1., 2., 5.
BTE_Ch10-225-248.qxd
SECOND REVISED
Class
CHALLENGE PROBLEM (continued)
Journalizing Sales and Cash Receipts Using Special Journals • 239
240 • Working Papers TE
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Debit
Totals
Credit
Totals
CASH PROOF
1
2
3
4
5
6
7
Col.
No.
General Debit . . . . . . . . . . . .
General Credit . . . . . . . . . . .
Accounts Receivable Credit .
Sales Credit . . . . . . . . . . . . .
Sales Tax Payable Credit . . .
Sales Discount Debit . . . . . .
Cash Debit . . . . . . . . . . . . . .
Totals . . . . . . . . . . . . . . . . . .
—
.
.
.
.
.
.$
10.91
. 16,849.09
. $16,860.00
.
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.
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.
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.
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.
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.
.
Checkbook balance on the next unused check stub . . . . . . . . . . .
Cash on hand at the beginning of the month . . . .
Plus total cash received during the month . . . . . .
Equals total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less total cash paid during the month . . . . . . . . .
Equals cash balance on hand at end of the month
$ 2,464.60
16,849.09
$19,313.69
10,907.25
$ 8,406.44
$ 8,406.44
Page 240
$16,860.00
—
$ 3,480.97
12,515.00
864.03
14
14
3.
13
13
Column Title
9
8
7
6
5
4
3
2
12
1 0 91 16 8 4 9 09
8 1 7 45
2 3 4 5 64
2 9 2 6 25
5 8 9 68
2 7 3 8 23
3 4 2 2 70
5 3 4 74
1
12
8 6 4 03
4 9 45
1 8 4 25
1 8 4 23
2 0 6 70
1 0 91
7
CASH
DEBIT
3 4 7 4 40
9
11
4.
7 6 8 00
3 4 8 0 97 12 5 1 5 00
2 3 4 5 64
2 7 4 2 00
2 5 5 4 00
3 2 1 6 00
2 3 9 40
SALES
DISCOUNT
DEBIT
PAGE
11
✔
✔
5 8 9 68
5 4 5 65
3 2 3 5 00
SALES TAX
PAYABLE
CREDIT
6
10
31 Totals
9
TS27
R492
TS26
R491
CREDIT
SALES
CREDIT
ACCOUNTS
RECEIVABLE
CREDIT
5
10
31
8
.
.
.
.
.
.
.
.
29 Slippery Rock Inn
7
✔
27
6
.
.
.
.
.
.
.
.
22 First National Bank
5
TS25
✔
✔
✔
DEBIT
GENERAL
4
3
3:56 AM
.
.
.
.
.
.
.
.
20
4
TS24
R490
TS23
POST.
REF.
2
11/1/07
✔
13
✔
✔
May 6 ✔
7 Houston Landscaping
ACCOUNT TITLE
3
2
1
20 – –
DOC.
NO.
1
CASH RECEIPTS JOURNAL
10-5
DATE
1., 2., 5.
BTE_Ch10-225-248.qxd
SECOND REVISED
CHALLENGE PROBLEM (continued)
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
BTE_Ch10-225-248.qxd
11/1/07
3:56 AM
SECOND REVISED
Page 241
Name
Date
10-5
Class
CHALLENGE PROBLEM (concluded)
1.
GENERAL JOURNAL
DATE
ACCOUNT TITLE
20 – –
1
2
3
4
5
6
7
8
9
10
11
12
May 3 Sales Returns and Allowances
PAGE
DOC.
NO.
CM67
Sales Tax Payable
POST.
REF.
DEBIT
1
1 8 80
2
2 5 3 80
M43
1 2 0 00
M44
8 1 60
10 Accounts Payable/Forde Collectibles
DM23
2 6 0 00
Purchases Returns and Allowances
29 Sales Returns and Allowances
Sales Tax Payable
Accounts Receivable/SDR Investment Trust
7
8
2 6 0 00
CM68
5
6
8 1 60
Accounts Payable/Office Mart
3
4
1 2 0 00
Accounts Payable/Mosby Store Supplies
8 Supplies—Office
CREDIT
2 3 5 00
Accounts Receivable/Slippery Rock Inn
4 Supplies—Store
7
9
4 5 00
10
3 60
11
4 8 60
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
Chapter 10
Journalizing Sales and Cash Receipts Using Special Journals • 241
BTE_Ch10-225-248.qxd
11/1/07
3:56 AM
SECOND REVISED
Page 242
USING SOURCE DOCUMENTS, p. 293
Journalizing sales and cash receipts transactions; proving and ruling journals
NO.
658
DATE:
November 25
Putt-A-Round
On Account
FROM:
FOR:
1
Form
20--
$ 150.00
$ 3.00
$ 147.00
On account
Sales discount
Cash received
GOLFER'S PARADISE
142 Glade Road
Crossville, TN 38555-8102
Sold to:
CAT. NO.
Form
2
NO. 443
Daniel Pearson
2345 Lakeview Drive
Crossville, TN 38555-5819
DESCRIPTION
2432 9 degree titanium driver
745 practice golf balls, dz.
DATE:
TERMS:
CUST. NO.
QUANTITY
1
5
UNIT PRICE
$
11/27/-30 days
480
TOTAL
439.50 $ 439.50
10.00
50.00
SUBTOTAL
TAX
TOTAL
$ 489.50
39.16
$ 528.66
Serving Crossville and Fairfield Glade With All Your Recreational Equipment
242 • Working Papers TE
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
BTE_Ch10-225-248.qxd
11/1/07
3:56 AM
SECOND REVISED
Page 243
Name
Date
Class
USING SOURCE DOCUMENTS (continued)
Form
3
54
11/27/-18:24
CODE:
DATE:
TIME:
Credit Card
Sales
Sales Tax
Total
034
MasterCard
Sales
Sales Tax
Total
042
Cash
Sales
Sales Tax
Total
152
989.95
79.20
1,069.15
NO.
659
DATE:
November 28
Mary Ann Ingram
On Account
FROM:
FOR:
806.09
64.49
870.58
1,894.44
151.56
2,046.00
Totals
Sales
Sales Tax
Total
Form
4
20- -
On account
Sales discount
$ 420.48
Cash received
$ 420.48
3,690.48
295.25
3,985.73
CREDIT MEMORANDUM NO. 63
Form
5
DATE
November 29, 20- -
TO
GOLFER'S PARADISE
Nelson Lang
354 Lang Drive
Crossville, TN 38555-2615
142 Glade Road
Crossville, TN 38555-8102
ACCOUNT NO.
340
QUANTITY
CAT. NO.
2
643
DESCRIPTION
UNIT PRICE
$130.00 $260.00
golf bag
SUBTOTAL
SALES TAX
TOTAL
Chapter 10
TOTAL
$260.00
20.80
$280.80
Journalizing Sales and Cash Receipts Using Special Journals • 243
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SECOND REVISED
Page 244
USING SOURCE DOCUMENTS (continued)
GOLFER'S PARADISE
142 Glade Road
Crossville, TN 38555-8102
Sold to:
CAT. NO.
Form
6
NO. 444
Janice Adams
594 Eagles Nest Road
Crossville, TN 38555-7364
DESCRIPTION
DATE:
TERMS:
CUST. NO.
QUANTITY
BG-34 oversized irons, graphite shafts
UNIT PRICE
1
$
11/29/-30 days
140
TOTAL
405.50 $ 405.50
SUBTOTAL
TAX
TOTAL
$ 405.50
32.44
$ 437.94
Serving Crossville and Fairfield Glade With All Your Recreational Equipment
Form
55
11/30/-18:45
CODE:
DATE:
TIME:
Credit Card
Sales
Sales Tax
Total
005
MasterCard
Sales
Sales Tax
Total
007
Cash
Sales
Sales Tax
Total
062
Totals
Sales
Sales Tax
Total
244 • Working Papers TE
7
251.05
20.08
271.13
315.15
25.21
340.36
612.15
48.97
661.12
1,178.35
94.26
1,272.61
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
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SECOND REVISED
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Name
Date
Class
USING SOURCE DOCUMENTS (continued)
1., 2., 3.
SALES JOURNAL
DATE
SALE
NO.
ACCOUNT DEBITED
(2)
3
29 Janice Adams
(6)
4
30 Totals
2
POST.
REF.
✔
20 – –
Nov. 24 Brought Forward
27 Daniel Pearson
1
PAGE
18
1
2
3
ACCOUNTS
RECEIVABLE
DEBIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
8 7 2 6 89
6 1 5 4 25
2 5 7 2 64
1
S443
5 2 8 66
4 8 9 50
3 9 16
2
S444
4 3 7 94
4 0 5 50
3 2 44
3
9 6 9 3 49
7 0 4 9 25
2 6 4 4 24
4
5
5
6
6
2.
Col.
No.
1
2
3
Column Title
Debit
Totals
Accounts Receivable Debit . . . . . . . . . . . . .
Sales Credit . . . . . . . . . . . . . . . . . . . . . . .
Sales Tax Payable Credit . . . . . . . . . . . . . .
$9,693.49
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$9,693.49
Chapter 10
Credit
Totals
$7,049.25
2,644.24
$9,693.49
Journalizing Sales and Cash Receipts Using Special Journals • 245
246 • Working Papers TE
1
2
3
4
5
6
7
Col.
No.
4.
8
7
General Debit . . . . . . . . . . . .
General Credit . . . . . . . . . . .
Accounts Receivable Credit .
Sales Credit . . . . . . . . . . . . .
Sales Tax Payable Credit . . .
Sales Discount Debit . . . . . .
Cash Debit . . . . . . . . . . . . . .
Totals . . . . . . . . . . . . . . . . . .
Column Title
30 Totals
✔
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(7)
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
✔
—
.
.
.
.
.
. $
3.00
. 51,714.07
. $51,717.07
Debit
Totals
TS55
$51,717.07
—
$16,058.72
33,016.99
2,641.36
Credit
Totals
DEBIT
CREDIT
SALES
CREDIT
ACCOUNTS
RECEIVABLE
CREDIT
SALES TAX
PAYABLE
CREDIT
5
CASH PROOF
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Checkbook balance on the next unused check stub . . . . . . . . . . .
.
.
.
.
.
8
7
6
5
4
3
2
1
$ 2,551.18
51,714.07
$54,265.25
49,158.84
$ 5,106.41
$ 5,106.41
3 00 51 7 1 4 07
4 2 0 48
3 9 8 5 73
16 0 5 8 72 33 0 1 6 99 2 6 4 1 36
2 9 5 25
1 4 7 00
1 2 7 2 61
1 1 7 8 35
3 6 9 0 48
7
CASH
DEBIT
24
45 8 8 8 25
PAGE
3 00
SALES
DISCOUNT
DEBIT
6
9 4 26
4 2 0 48
1 5 0 00
15 4 8 8 24 28 1 4 8 16 2 2 5 1 85
4
3
Cash on hand at the beginning of the month . . . .
Plus total cash received during the month . . . . . .
Equals total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less total cash paid during the month . . . . . . . . .
Equals cash balance on hand at end of the month
5.
GENERAL
2
3:56 AM
6
30
R659
28 Mary Ann Ingram (4)
4
✔
✔
POST.
REF.
1
CASH RECEIPTS JOURNAL
11/1/07
5
TS54
(3)
R658
27
✔
Nov. 24 Brought Forward
25 Putt-A-Round (1)
ACCOUNT TITLE
DOC.
NO.
3
2
1
20 – –
DATE
1., 4., 6.
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USING SOURCE DOCUMENTS (continued)
COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING
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SECOND REVISED
Page 247
Name
Date
Class
USING SOURCE DOCUMENTS (concluded)
1.
GENERAL JOURNAL
DATE
1
2
3
DOC.
NO.
ACCOUNT TITLE
20 – –
Nov. 29 Sales Returns and Allowances
Sales Tax Payable
Accounts Receivable/Nelson Lang
PAGE
(5)
CM63
POST.
REF.
DEBIT
15
CREDIT
2 6 0 00
1
2 0 80
2
2 8 0 80
3
4
4
5
5
6
6
Chapter 10
Journalizing Sales and Cash Receipts Using Special Journals • 247
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