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PROBLEM 7.1B (continued)
ACCOUNT Accounts Receivable ACCOUNT NO.
2013
ACCOUNT Sales Tax Payable ACCOUNT NO.
2013
ACCOUNT Sales ACCOUNT NO.
2013
CREDIT CREDIT
401
BALANCE
DEBIT
DATE DESCRIPTION
POST.
REF. DEBIT DEBIT
DATE CREDITDESCRIPTION
POST.
REF.
BALANCE
DEBIT
DEBIT CREDIT
BALANCE
GENERAL LEDGER
111
231
CREDITCREDITDATE DESCRIPTION
POST.
REF. DEBIT
PROBLEM 7.2B
PAGE
SALES TAX
PAYABLE SALES
SALES
SLIP CUSTOMER’S POST.
9
SALES JOURNAL
ACCOUNTS
RECEIVABLE
1 2013 1
2 June 1 1601 Kenya Jackson 272700 20200 252500 2
3 5 1602 Carmen Cruz 162000 12000 150000 3
PAYABLE
CREDIT
SALES
CREDITDATE
SLIP
NO.
CUSTOMER S
NAME
POST.
REF.
RECEIVABLE
DEBIT
PROBLEM 7.2B (continued)
ACCOUNT Accounts Receivable ACCOUNT NO.
2013
June 1 Balance ✔24 1 5 0 00
ACCOUNT Sales Tax Payable ACCOUNT NO.
2013
ACCOUNT Sales ACCOUNT NO.
2013
ACCOUNT Sales Returns and Allowances ACCOUNT NO.
2013
DESCRIPTION
POST.
REF. DEBIT CREDIT
CREDIT
BALANCE
BALANCE
DATE CREDIT
DEBIT
DESCRIPTION
DESCRIPTION
POST.
REF.
DEBIT
DATE
DATE DESCRIPTION
POST.
REF.
POST.
REF.
DATE
DEBIT CREDIT
BALANCE
CREDIT DEBIT
DEBIT CREDIT
DEBIT
GENERAL LEDGER
451
BALANCE
CREDIT
111
231
401
CREDIT
DEBIT
PROBLEM 7.2B (continued)
23 2 7 5 00
PROBLEM 7.3B
PAGE
1 2013 1
2 Feb. 3 201 Ronald Brown ✔5400 400 5000 2
3 4 202 Ken Hamlett ✔21600 1600 20000 3
4 5 203 Vickie Neal ✔32400 2400 30000 4
DATE
SALES
SLIP
NO.
CUSTOMER’S
NAME
6
The Furniture Lot
Income Statement (Partial)
June 30, 2013
SALES
CREDIT
Revenue
Sales
SALES TAX
PAYABLE
CREDIT
ACCOUNTS
RECEIVABL
E DEBIT
POST.
REF.
SALES JOURNAL
PROBLEM 7.3B (continued)
PAGE 16
CREDIT
GENERAL JOURNAL
DATE DEBIT
POST.
REF.DESCRIPTION
1 2013 1
2 Feb. 9 5 0 00 2
3 4 00 3
5
Accepted return of incomplete gift pack
5
00544 111
231
4
Sales Returns and Allowances 451
Sales Tax Payable
Accounts Receivable/Vickie Neal
✔
5
Accepted
return
of
incomplete
gift
pack
,
5
6 Credit Memo 101; original sale made on 6
7 Sales Slip 203, February 5 7
8 8
913 5000 9
10 4 00 10
0054 1111
Sales Returns and Allowances 451
111Accounts Receivable/Amy Peloza
231Sales Tax Payable
y
PROBLEM 7.3B (continued)
ACCOUNT Sales Tax Payable ACCOUNT NO.
2013
ACCOUNT Sales ACCOUNT NO.
2013
Sales Returns and Allowances ACCOUNT NO.
2013
NAME Susan Anderson TERMS
DESCRIPTION
POST.
REF.
2013
ACCOUNT
BALANCE
DATE DESCRIPTION
POST.
REF. DEBIT DEBITCREDIT
DATE DEBIT
DEBIT
BALANCE
CREDITCREDIT
DATE DESCRIPTION
POST.
REF.
DATE DESCRIPTION
POST.
REF. DEBIT
n/30
451
CREDIT
CREDIT BALANCE
GENERAL LEDGER
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
401
231
CREDIT DEBIT CREDITDEBIT
BALANCE
PROBLEM 7.3B (continued)
NAME Ronald Brown TERMS
DESCRIPTION POST. REF.
2013
NAME Gordon Edwards TERMS
DESCRIPTION POST. REF.
2013
NAME Luther Evans TERMS
DESCRIPTION POST. REF.
2013
NAME Kerry Goree TERMS
DESCRIPTION POST. REF.
2013
NAME Ken Hamlett TERMS
DESCRIPTION POST.REF.
2013
CREDIT
n/30
n/30
n/30
n/30
BALANCEDATE DEBIT CREDIT
CREDIT
DATE DEBIT
DATE
CREDIT
DEBIT
BALANCE
CREDIT
DEBIT
DEBIT
BALANCE
BALANCE
BALANCE
DATE
DATE
n/30
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
PROBLEM 7.3B (continued)
NAME Ned Jones TERMS
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
n/30
DESCRIPTION POST. REF.
NAME
Vicki Neal
TERMS
DATE DEBIT CREDIT BALANCE
n/30
NAME
Vi
c
ki
N
ea
l
TERMS
DESCRIPTION POST. REF.
2013
DATE DEBIT CREDIT BALANCE
n
/30
NAME Amy Peloza TERMS
DESCRIPTION POST. REF.
2013
CREDITDATE DEBIT
n/30
BALANCE
2013
NAME Melissa Thomas TERMS n/30
DESCRIPTION POST. REF.
2013
DEBIT CREDIT BALANCEDATE
PROBLEM 7.3B (continued)
Special Elegance Gift Shop
540 00
Schedule of Accounts Receivable
February 28, 2013
Susan Anderson
270 00
162 00
432 00
Ronald Brown
Gordon Edwards
Luther Evans
PROBLEM 7.4B (continued)
PAGE
CREDITDATE DEBIT
POST.
REF.DESCRIPTION
16GENERAL JOURNAL
1 2013 1
2 Feb. 15 1 0 0 00 2
10000
4 4
3
Accepted returns of damaged merchandise,
Accounts Receivable/DeSoto Flower Shop
451
111
✔
Sales Returns and Allowances
3
PROBLEM 7.4B (continued)
ACCOUNT Sales Returns and Allowances ACCOUNT NO.
GENERAL LEDGER
451
2013
CREDITDEBITDATE DESCRIPTION
POST.
REF. CREDIT
BALANCE
DEBIT
NAME Denton Flower Shop TERMS
DESCRIPTION
POST.
REF.
CREDIT
BALANCE
DATE
DEBIT
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
n/30
DESCRIPTION
REF
.
2013
NAME DeSoto Flower Shop TERMS
CREDIT
BALANCE
DATE
DEBIT
n/30
DESCRIPTION
POST.
REF.
2013
CREDIT BALANCEDATE DEBIT
NAME Lovelace Nursery TERMS
DESCRIPTION
POST.
REF.
2013
DEBIT BALANCECREDITDATE
n/30
2013
PROBLEM 7.4B (continued)
NAME Meadows Nursery TERMS
POST.
n/30
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
DESCRIPTION REF.
2013
NAME Southwest Nursery TERMS
DATE DEBIT CREDIT BALANCE
n/30
DESCRIPTION
POST.
REF.
2013
DATE DEBIT CREDIT BALANCE
NAME Thompson Funeral Home TERMS
DESCRIPTION
POST.
REF.
2013
BALANCE
n/30
DATE DEBIT CREDIT
28 Credit Memo 106 J10 7 5 00 107500
4
5
0
00
February 28, 2013
D t Fl Sh
The Vintage Nursery
Schedule of Accounts Receivable
45000
95000
135000
Denton Flower Shop
DeSoto Flower Shop
Lovelace Nursery
CRITICAL THINKING PROBLEM 7.1
PAGE
SALES
SLIP
NO. CUSTOMER’S NAME
POST.
REF.
1 2013 1
2 Aug. 1 1001 Bombay's Department Store ✔11 7 0 00 2
3 5 1002 Reader's Bookstore ✔14 8 5 00 3
11 11
PAGE
1
2013
1
CREDIT
POST.
REF. DEBITDATE DESCRIPTION
9
25
GENERAL JOURNAL
SALES JOURNAL
DATE
ACCOUNTS
RECEIVABLE
DR./ SALES CR.
0
7
1
2013
1
2 Aug. 18 Sales Returns and Allowances 5 2 5 00 2
111
451
Accounts Receivable/Super Game Center
33
CRITICAL THINKING PROBLEM 7.1 (continued)
ACCOUNT Accounts Receivable ACCOUNT NO.
ACCOUNT Sales ACCOUNT NO.
2013
Sales Returns and Allowances ACCOUNT NO.
BALANCE
CREDITDEBIT
111
401
DATE DESCRIPTION
BALANCE
CREDITDEBITDEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
BALANCE
CREDIT
451
DEBIT
POST.
REF.
GENERAL LEDGER
DATE DESCRIPTION
POST.
REF.
DATE DESCRIPTION
POST.
REF.
ACCOUNT
CRITICAL THINKING PROBLEM 7.1 (continued)
NAME Bombay's Department Store TERMS
DESCRIPTION
POST.
REF.
2013
NAME The Game Store TERMS
DESCRIPTION
POST.
REF.
2013
NAME Little Annie's Toy Store TERMS
DESCRIPTION
POST.
REF.
2013
NAME Pinkerton Toy Center TERMS
DESCRIPTION
POST.
REF.
2013
n/45
ACCOUNTS RECEIVABLE LEDGER
BALANCEDATE DEBIT CREDIT
CREDIT
n/45
DATE DEBIT CREDIT BALANCE
n/45
n/45
DATE DEBIT CREDIT BALANCE
DATE DEBIT BALANCE
CRITICAL THINKING PROBLEM 7.1 (continued)
NAME Reader's Bookstore TERMS
DESCRIPTION
POST.
REF.
2013
NAME Super Game Center TERMS
DESCRIPTION
POST.
REF.
2013
8548500
DATE
n/45
BALANCE
BALANCE
Income Statement (Partial)
Matrix Toy Company
Revenue
Sales
Month Ended August 31, 2013
ACCOUNTS RECEIVABLE LEDGER
DATE DEBIT CREDIT
DEBIT CREDIT
n/45
CRITICAL THINKING PROBLEM 7.1 (continued)
Bombay's Department Store 5502000
The Game Store 972000
Little Annie's Toy Store 4634000
2.
3.
Matrix Toy Company
Schedule of Accounts Receivable
August 31, 2013
1. An electronic system would prevent this mistake because the computer would automatically post and
The use of an electronic scanner should reduce unrecorded sales. Each item has to be passed over the
scanner, which automatically records the price. This process reduces the chance that an item is
The computer can be programmed to alert the salesclerk by means of a code number or flashing sign on
SOLUTIONS TO BUSINESS CONNECTIONS
Managerial Focus:
SOLUTIONS TO PRACTICE TEST
Part A True-False
1. TRUE 11. TRUE
Part B Matching
1. b
Part C Exercises
2.
3. It was most likely a sales return or allowance. Refer to the January 18 entry on page 1 of the
general journal.
By referring to a copy of Sales Slip 101.
