On May16, the cash register tape shows that cash sales are $2,080 and sales tax
ID: 2343696 • Letter: O
Question
On May16, the cash register tape shows that cash sales are $2,080 and sales tax is $104 for total sales of $2,184. The actual cash in the cash register drawer, after subtracting the amount of change fund is $2,180.Instruction:
Prepare the appropriate T-accounts and pass the journal entries for the transaction.
Assignment 2 (10 points):
On February 28, American Sports Wear writes check No. 567 for $89 to replenish the petty cash fund. The following are the classified account totals.
Supplies $23.45
Delivery Expenses $30.00
Utility Expenses $10.00
Advertisement Expenses $25.55
Instruction:
Journalize the business transaction.
Explanation / Answer
Journal
May 16
Cash $2,180
Cash (Short/Over) $4
Sales $2,080
Sales Tax Payable $104
T-accounts
Cash
Debit Credit
May 16 Sales $2,076
S.T. Payable $104
Cash (Short/Over)
Debit Credit
May 16 Sales $4
Sales
Debit Credit
May 16 Cash $2,076
Sales Tax Payable
Debit Credit
May 16 Cash $104
_________________________________________________
Feb. 28
Petty Cash $89
Cash $89
Established Petty cash fund by issuing chk. no. 567
_________________________________________________
Supplies $23.45
Delivery Expenses $30.00
Utility Expenses $10.00
Advertisement Expenses $25.55
Cash $89.00
Replenish Petty Cash
_________________________________________________
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