Exam 10: Accounting for Sales and Cash Receipts

Question

From the accounts receivable ledger, prepare a schedule of accounts receivable for Robinson's Auto Supply Center as of May 31, 20--. $From the accounts receivable ledger, prepare a schedule of accounts receivable for Robinson's Auto Supply Center as of May 31, 20--. ACCOUNTS RECEIVABLE LEDGER Account Sal Buchemi \begin{array}{|c|c|c|c|r|r|r|} \hline {\text { Date }} && \text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & {\text { Debit }} & \text { Credit } & \text { Balance } \\ \hline \text { May } & 9 & & \text { J1 } & 89.00 & & 89.00 \\ \hline & 19 & & \text { J2 } & 215.00 & & 304.00 \\ \hline \end{array} \text { Account Grace Carlton } \begin{array}{|c|c|c|r|r|r|c|} \hline {\text { Date }} && \text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline \text { May } & 10 & & \text { J2 } & 11,401.00 & & 11,401.00 \\ \hline & 15 & & \mathrm{~J} 2 & 2,263.00 & & 13,664.00 \\ \hline \end{array} \text { Account Pat Heins } \begin{array}{|c|c|c|c|c|c|r|} \hline {\text { Date }} &&\text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & \text { Debit } & \text { Credit } &{\text { Balance }} \\ \hline \text { May } & 15 & & \text { J2 } & 5,278.00 & & 5,278.00 \\ \hline & 22 & & \text { J3 } & & 5,278.00 & 0.00 \\ \hline \end{array} \text { Account Falana Moore } \begin{array}{|r|r|l|r|r|r|r|}\hline {\text { Date }} &&\text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & \text { Debit } & \text { Credit } &{\text { Balance }} \\ \hline \text { May } & 4 & & \mathrm{~J} 1 & 1,139.00 & & 1,139.00 \\ \hline & 8& & \mathrm{~J} 1 & 423.00 & & 1,562.00 \\ \hline & 14 && \mathrm{~J} 2 & & 1,139.00 & 423.00 \\ \hline \end{array}$ ACCOUNTS RECEIVABLE LEDGER Account Sal Buchemi Date Item Post Ref. Debit Credit Balance May 9 J1 89.00 89.00 19 J2 215.00 304.00

\text { Account Grace Carlton }

Date Item Post Ref. Debit Credit Balance May 10 J2 11,401.00 11,401.00 15 2 2,263.00 13,664.00

\text { Account Pat Heins }

Date Item Post Ref. Debit Credit Balance May 15 J2 5,278.00 5,278.00 22 J3 5,278.00 0.00

\text { Account Falana Moore }

Date Item Post Ref. Debit Credit Balance May 4 1 1,139.00 1,139.00 8 1 423.00 1,562.00 14 2 1,139.00 423.00 $From the accounts receivable ledger, prepare a schedule of accounts receivable for Robinson's Auto Supply Center as of May 31, 20--. ACCOUNTS RECEIVABLE LEDGER Account Sal Buchemi \begin{array}{|c|c|c|c|r|r|r|} \hline {\text { Date }} && \text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & {\text { Debit }} & \text { Credit } & \text { Balance } \\ \hline \text { May } & 9 & & \text { J1 } & 89.00 & & 89.00 \\ \hline & 19 & & \text { J2 } & 215.00 & & 304.00 \\ \hline \end{array} \text { Account Grace Carlton } \begin{array}{|c|c|c|r|r|r|c|} \hline {\text { Date }} && \text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline \text { May } & 10 & & \text { J2 } & 11,401.00 & & 11,401.00 \\ \hline & 15 & & \mathrm{~J} 2 & 2,263.00 & & 13,664.00 \\ \hline \end{array} \text { Account Pat Heins } \begin{array}{|c|c|c|c|c|c|r|} \hline {\text { Date }} &&\text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & \text { Debit } & \text { Credit } &{\text { Balance }} \\ \hline \text { May } & 15 & & \text { J2 } & 5,278.00 & & 5,278.00 \\ \hline & 22 & & \text { J3 } & & 5,278.00 & 0.00 \\ \hline \end{array} \text { Account Falana Moore } \begin{array}{|r|r|l|r|r|r|r|}\hline {\text { Date }} &&\text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & \text { Debit } & \text { Credit } &{\text { Balance }} \\ \hline \text { May } & 4 & & \mathrm{~J} 1 & 1,139.00 & & 1,139.00 \\ \hline & 8& & \mathrm{~J} 1 & 423.00 & & 1,562.00 \\ \hline & 14 && \mathrm{~J} 2 & & 1,139.00 & 423.00 \\ \hline \end{array}$ $From the accounts receivable ledger, prepare a schedule of accounts receivable for Robinson's Auto Supply Center as of May 31, 20--. ACCOUNTS RECEIVABLE LEDGER Account Sal Buchemi \begin{array}{|c|c|c|c|r|r|r|} \hline {\text { Date }} && \text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & {\text { Debit }} & \text { Credit } & \text { Balance } \\ \hline \text { May } & 9 & & \text { J1 } & 89.00 & & 89.00 \\ \hline & 19 & & \text { J2 } & 215.00 & & 304.00 \\ \hline \end{array} \text { Account Grace Carlton } \begin{array}{|c|c|c|r|r|r|c|} \hline {\text { Date }} && \text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & \text { Debit } & \text { Credit } & \text { Balance } \\ \hline \text { May } & 10 & & \text { J2 } & 11,401.00 & & 11,401.00 \\ \hline & 15 & & \mathrm{~J} 2 & 2,263.00 & & 13,664.00 \\ \hline \end{array} \text { Account Pat Heins } \begin{array}{|c|c|c|c|c|c|r|} \hline {\text { Date }} &&\text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & \text { Debit } & \text { Credit } &{\text { Balance }} \\ \hline \text { May } & 15 & & \text { J2 } & 5,278.00 & & 5,278.00 \\ \hline & 22 & & \text { J3 } & & 5,278.00 & 0.00 \\ \hline \end{array} \text { Account Falana Moore } \begin{array}{|r|r|l|r|r|r|r|}\hline {\text { Date }} &&\text { Item } & \begin{array}{c} \text { Post } \\ \text { Ref. } \end{array} & \text { Debit } & \text { Credit } &{\text { Balance }} \\ \hline \text { May } & 4 & & \mathrm{~J} 1 & 1,139.00 & & 1,139.00 \\ \hline & 8& & \mathrm{~J} 1 & 423.00 & & 1,562.00 \\ \hline & 14 && \mathrm{~J} 2 & & 1,139.00 & 423.00 \\ \hline \end{array}$

Exam 10: Accounting for Sales and Cash Receipts

The accounts receivable ledger is simply a detailed listing of the same information that is summarized in Accounts Receivable in the general ledger.

A common approach to keeping a record of each customer's accounts receivable is to use a

Match the terms with the definitions. -The seller's term for cash discounts.

For the merchant, bank credit card sales are nothing like cash sales.

Merchandise returned by a customer for a refund is called a sales discount.

Selling goods on account is not common practice at the retail level of the distribution process.

The sales tax payable account is a revenue account that is credited for the amount of tax imposed on sales.

A list showing the amount due from each customer as of a specified date is known as a

A sales ticket is a document created as evidence of a sale in a retail business.

Sales Returns and Allowances is debited for the selling price, including sales tax, of any merchandise returned by customers.

Sales made on account normally lead to cash receipts.

From the following data, compute net sales. Sales \ 727,500 Sales returns and allowances 6,421 Sales discounts 434

Match the terms with the definitions. -A summary account maintained in the general ledger for a subsidiary ledger (for example, the accounts receivable ledger).

Total sales less the sales price of any goods returned by customers, less any reduction in price given to customers, less cash discounts allowed by the seller, is called

A business that purchases clothing, furniture, computers, or other products to sell to other businesses is a

To a seller, cash discounts are considered the same as sales discounts.

To verify that the sum of the accounts receivable ledger balances equals the Accounts Receivable balance, a schedule of accounts receivable is prepared.

Match the terms with the definitions. -A document that is generated to bill the customer who made the purchase.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Adjustments and the Work Sheet for a Merchandising Business

Financial Statements and Year-End Accounting for a Merchandising Business

Accounting for Accounts Receivable

Accounting for Notes and Interest

Accounting for Long-Term Assets

Accounting for Partnerships

Corporations: Organization and Capital Stocks

Corporations: Earnings, Taxes, Distributions, and the Retained Earnings Statement

Corporations: Bonds

Statement of Cash Flows

Analysis of Financial Statements

Departmental Accounting

Manufacturing Accounting: The Job Order Cost System

Manufacturing Accounting: The Work Sheet and Financial Statements

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