Using 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. Sales on account, with 2/10, n/30 cash discount terms.

Using 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. Sales on account, with 2/10, n/30 cash discount terms.

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January 5, 2022
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Using 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.

Cash and credit sales, with returned merchandise.

(a) Merchandise is sold for $481 cash.

Using 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.

Cash and credit sales, with returned merchandise.

(b) $18 of merchandise sold for $481 is returned for a refund.

Using 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.

Cash and credit sales, with returned merchandise.

(c) Merchandise is sold on account for $388.

Using 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.

Cash and credit sales, with returned merchandise.

(d) $24 of merchandise sold for $388 is returned for a credit.

Using 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.

Cash and credit sales, with returned merchandise.

(e) Payment is received for balance owed on merchandise sold on account.

Using 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.

6% sales tax, with returned merchandise.

(a) Merchandise is sold on account for $480 plus sales tax.

Using 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.

6% sales tax, with returned merchandise.

(b) Merchandise sold on account for $30 plus sales tax is returned.

Using 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.

6% sales tax, with returned merchandise.

(c) The balance on the account is received in cash.

Using 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.

6% sales tax, with returned merchandise.

(d) Merchandise is sold for $300 cash plus sales tax.

Using 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.

6% sales tax, with returned merchandise.

(e) $30 of merchandise sold for $300 cash plus sales tax is returned for a refund.

Using 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.

Sales on account, with 2/10, n/30 cash discount terms.

(a) Merchandise is sold on account for $280.

Using 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.

Sales on account, with 2/10, n/30 cash discount terms.

(b) The balance is paid within the discount period.

Using 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.

Sales on account, with 2/10, n/30 cash discount terms.

(c) Merchandise is sold on account for $203.

Using 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.

Sales on account, with 2/10, n/30 cash discount terms.

(d) The balance is paid after the discount period.

Answer and ExplanationSolution by a verified expert

3a
Explanation
a) To record the cash sales without sales tax using T-accounts, enter the amount $481 on the debit side of cash and on the credit side of sales.

b
Explanation
To record the merchandise returned for refund using the T-accounts, enter the amount $18 on the debit side of sales returns and allowances and on the credit side of cash.

c
Explanation
To record the credit sales using T-accounts, enter the amount $388 on the debit side of accounts receivable and on the credit side of sales.

d
Explanation
To record the merchandise returned for a credit using the T-accounts, enter the amount $24 on the debit side of accounts receivable and on the credit side of sales returns and allowances.

e
Explanation
To record the payment received using T-accounts, enter the amount $364 on the debit side of cash and the credit side of accounts receivable. The amount collected is $364 only due to sales return of $24.

4a
Explanation
To record the credit sales with 6% sales tax using T-accounts, enter the amount $508.80 on the debit side of accounts receivable; $480 on the credit side of sales; and $28.80 on the credit side of sales tax payable.

b
Explanation
To record the return of merchandise sold on account with 6% sales tax, enter the amount $30 on the debit side of sales returns and allowances, $1.80 on the debit side of sales tax payable; and $31.80 on the credit side of accounts receivable.

c
Explanation
To record the payment received using T-accounts, enter the amount $477 on the debit side of cash and on the credit side of accounts receivable. The amount collected is $4777 only due to sales return of $30.

d
Explanation
To record the cash sales with 6% sales tax using T-accounts, enter the amount $318 on the debit side of cash; $300 on the credit side of sales; and $18 on the credit side of sales tax payable.

e
Explanation
To record the merchandise returned for refund using the T-accounts, enter the amount $30 on the debit side of sales returns and allowances; $1.8 on the debit side of sales tax payable; and $31.8 on the credit side of cash.

5a
Explanation
To record the credit sales using T-accounts, enter the amount $280 on the debit side of accounts receivable and on the credit side of sales.

b
Explanation
To record the payment received for merchandise sold on account, enter the amount $274.40 on the debit side of cash; $5.60 on the debit side of sales discounts; and $280 on the credit side of accounts receivable. The amount collected is $274.40 only because balance is paid within the discount period.

c
Explanation
To record the credit sales using T-accounts, enter the amount $203 on the debit side of accounts receivable and on the credit side of sales.

d
Explanation
To record the payment received for merchandise sold on account, enter the amount $203 on the debit side of cash and $203 on the credit side of accounts receivable. The amount collected in full only because balance is paid after the discount period.

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