Accounting Obj 4, Part 2

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What is the journal entry for Patty's Party Favors to record the return of merchandise purchased on account by The Wedding Planners for $613, plus sales tax of $48? Options: debit Accounts Payable/The Wedding Planners, $661; credit Purchases Returns and Allowances, $661, debit Accounts Receivable/The Wedding Planners, $661; credit Sales Returns and Allowances, $613, Sales Tax Payable, $48, debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; credit Accounts Payable/The Wedding Planners, $661, debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; credit Accounts Receivable/The Wedding Planners, $661

Back

debit Sales Returns and Allowances, $613, Sales Tax Payable, $48; credit Accounts Receivable/The Wedding Planners, $661

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Juan's Hardware sold merchandise to Raul on account for $670, plus sales tax of $35. The journal entry for Juan's Hardware to record this transaction is:

Back

debit Accounts Receivable/Raul, $705; credit Sales, $670, Sales Tax Payable $35

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The Toy Shop sold merchandise to Spirit Church for $41 cash. The journal entry for The Toy Shop to record this transaction is:

Back

debit Cash, $41; credit Sales, $41

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Moped, Inc. sold merchandise for cash to Molly's Mopeds for $312, plus sales tax of $25. The journal entry for Moped, Inc. to record this transaction is:

Back

debit Cash, $337; credit Sales, $312, Sales Tax Payable, $25

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Tiny's Toys returned merchandise that was purchased on account to Jonah's Distributing, $150. The journal entry for Tiny's Toys to record this transaction is:

Back

debit Accounts Payable/Jonah's Distributing $150; credit Purchases Returns and Allowances, $150

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Dollar Arcade paid cash on account to Cola Distributors, $245; covering Purchase Invoice Number 4131 for $250, less a 2% discount, $5.00. The journal entry for Dollar Arcade to record this transaction is:

Back

debit Accounts Payable/Cola Distributors, $250; credit Purchases Discount, $5 and credit Cash, $245

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Tricky Ricky's Appliances sold merchandise on account to Smith Builders for $880, plus sales tax of $40. The journal entry for Tricky Ricky's Appliances to record this transaction is:

Back

debit Accounts Receivable/Smith Builders, $920; credit Sales, $880, Sales Tax Payable, $40

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Icy Treats purchased merchandise for cash from Flavor Supply for $100. The journal entry for Icy Treats to record this transaction is: debit Purchases, $100; credit Accounts Payable/Flavor Supply, $100; debit Accounts Payable/Flavor Supply, $100; credit Cash, $100; debit Cash, $100; credit Purchases, $100; debit Purchases, $100; credit Cash, $100

Back

debit Purchases, $100; credit Cash, $100

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Piggy's Butcher House received $114 cash from Jimmy's Barbecue for payment on account. The journal entry for Piggy's Butcher House to record this transaction is

Back

debit Cash, $114; credit Accounts Receivable/Jimmy's Barbecue, $114

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Big Kites Mfg. sold merchandise for $432, plus sales tax of $36, to Mountain Soaring, who paid for the merchandise with a bank credit card at the time of the sale. The journal entry for Big Kites Mfg. to record this transaction is

Back

debit Cash, $468; credit Sales, $432, Sales Tax Payable, $36