Accounting Obj 4, Part 3

Timer's Distributing accepted returned merchandise purchased on account by Serious Sports for $400, plus sales tax of $32. The journal entry for Timer's Distributing to record this transaction is

• debit Sales Returns and Allowances, $400, Sales Tax Payable, $32; credit Accounts Receivable/Serious Sports, $432

• debit Accounts Payable/Serious Sports, $432; credit Purchases Returns and Allowances, $400, Sales Tax Payable, $32

• debit Accounts Receivable/Serious Sports, $432; credit Purchases Returns and Allowances, $400, Sales Tax Payable, $32

• debit Sales Returns and Allowances, $400, Sales Tax Payable, $32; credit Accounts Payable/Serious Sports, $432

The Trough Restaurant received $195 cash from First Bank for payment on account. The journal entry for the Trough Restaurant to record this transaction is

• debit Accounts Receivable/First Bank, $195; credit Cash, $195

• debit Cash, $195; credit Accounts Receivable/First Bank, $195

• debit Cash, $195; credit Sales, $195

• debit Sales, $195; credit Cash, $195

Juan's Stuffed Animals accepted returned merchandise purchased on account by Penny Arcade for $348, plus sales tax of $22. The journal entry for Juan's Stuffed Animals to record this transaction is

• debit Accounts Receivable/Penny Arcade, $370; credit Sales Returns and Allowances, $348, Sales Tax Payable, $22

• debit Sales Returns and Allowances, $348, Sales Tax Payable, $22; credit Accounts Receivable/Penny Arcade, $370

• debit Sales Returns and Allowances, $348, Sales Tax Payable, $22; credit Accounts Payable/Penny Arcade, $370

• debit Accounts Payable/Penny Arcade, $370; credit Purchases Returns and Allowances, $370

The Antique Shop purchased merchandise on account from Old Timers Supply for $128. The journal entry for the The Antique Shop to record this transaction is

• debit Accounts Payable/Old Timers Supply, $128; credit Purchases, $128

• debit Accounts Receivable/Old Timers Supply, $128; credit Purchases, $128

• debit Purchases, $128; credit Accounts Payable/Old Timers Supply, $128

• debit Purchases, $128; credit Accounts Receivable/Old Timers Supply, $128

Lucy's Famous Mexican Food sold merchandise for $26, plus sales tax of $1, to Craig Morton, who paid for the merchandise with a bank credit card at the time of the sale. The journal entry for Lucy's Famous Mexican Food to record this transaction is

• debit Sales, $26, Sales Tax Payable, $1; credit Accounts Receivable/Craig Morton, $27

• debit Accounts Receivable/Craig Morton, $27; credit Sales, $26, Sales Tax Payable, $1

• debit Sales, $26, Sales Tax Payable, $1; credit Cash, $27

• debit Cash, $27; credit Sales, $26, Sales Tax Payable, $1

Sally's Shoes sold merchandise for cash to Happy's Distributing for $200, plus sales tax of $15. Happy's Distributing later returned the merchandise. The journal entry for Sally's Shoes to record the returned merchandise is

• debit Sales Returns and Allowances, $200, Sales Tax Payable, $15; credit Cash, $215

• debit Cash, $215; Credit Sales Returns and Allowances, $200, Sales Tax Payable, $15

• debit Accounts Receivable/Happy's Distributing, $215; credit Sales Returns and Allowances, $200, Sales Tax Payable, $15

• debit Sales Returns and Allowances, $200, Sales Tax Payable, $15; credit Accounts Receivable/Happy's Distributing, $215

Trudy's Trophies purchased merchandise for cash form Champ Awards for $250. The journal entry for Trudy's Trophies to record this transaction is

• debit Cash, $250; credit Supplies, $250

• debit Cash, $250; credit Purchases, $250

• debit Supplies, $250; credit Cash, $250

• debit Purchases, $250; credit Cash, $250

Kathy's Fragrances purchased merchandise on account form Pierre's Perfumes for $319. The journal entry for Kathy's Fragrances to record this transaction is

• debit Accounts Payable/Pierre's Perfumes, $319; credit Purchases, $319

• debit Accounts Receivable/Pierre's Perfumes, $319; credit Purchases, $319

• debit Purchases, $319; credit Accounts Payable/Pierre's Perfumes, $319

• debit Purchases, $319; credit Accounts Receivable/Pierre's Perfumes, $319

Just Pens sold office supplies to Sunny Day Preschool for $25 cash. The journal entry for Just Pens to record this transaction is

• debit Cash, $25; credit Sales, $25

• debit Accounts Receivable/Sunny Day Preschool, $25; credit Sales $25

• debit accounts Receivable/Sunny Day Preschool, $25; credit Cash, $25

• debit Cash, $25; credit Accounts Receivable/Sunny Day Preschool, $25

Pierre's Lawn Service received $230 cash from Grassy Oldfield for payment on account. Grassy Oldfield took a $10 discount for paying early. The journal entry for Pierre's Lawn Service to record this transaction is

• debit Cash, $230, Sales Discounts, $10; credit Accounts Receivable/Grassy Oldfield, $240

• debit Cash, $230; credit Sales Discounts, $10, Accounts Receivable/Grassy Oldfield, $220

• debit Accounts Receivable/Grassy Oldfield, $240; credit Cash, $230, Sales Discounts, $10

• debit Sales Discounts, $10, Accounts Receivable/Grassy Oldfield, $220, credit Cash, $230