Accounting Obj 4, Part 2

Patty's Party Favors accepted returned merchandise purchased on account by The Wedding Planners for $613, plus sales tax of $48. The journal entry for Patty's Party Favors to record this transaction is:

• 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

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:

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

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

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

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

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

• debit Sales, $41; credit Accounts Receivable/Spirit Church, $41

• debit Accounts Receivable/Spirit Church, $41; credit Sales $41

• debit Cash, $41; credit Sales, $41

• debit Sales, $41; credit Cash, $41

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:

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

• debit Accounts Receivable/Molly's Mopeds, $337; credit Cash, $337

• debit Accounts Receivable/Molly's Mopeds, $447; credit Sales, $312, Sales Tax Payable, $25

• debit Sales, $312, Sales Tax Payable, $25; credit Accounts Receivable/Molly's Mopeds, $337

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:

• debit Accounts Payable/Jonah's Distributing, $150; credit Purchases, $150

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

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

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

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:

• debit Accounts Payable/Cola Distributors, $245; credit Cash $245

• debit Accounts Payable/Cola Distributors, $250; credit Cash, $250

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

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

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:

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

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

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

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

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

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

• debit Cash, $114; credit Sales, $114

• debit Sales, $114; credit Cash, $114

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

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

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

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

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

• debit Accounts Receivable/Mountain Soaring, $468; credit Cash, $468

• debit Cash, $468; credit accounts Receivable/Mountain Soaring, $468