ACC 291 Week 1 Practice Connect Practice Assignment

ACC 291 Week 1 Practice Connect Practice Assignment

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ACC 291 Week 1 Practice Connect Practice Assignment
 
attempt 1
 
1
 
Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places):
 
DATE TRANSACTIONS
2019
Feb. 2 Sold merchandise for cash totaling $3,800 to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale.
15 Sold merchandise totaling $2,100 to customers using American Express.
20 Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15.
 
 
 
 
2
 
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke’s Franks, less discount, on April 10.
 
Required:
 
Record the transactions on April 1 and April 10.
 
 
 
 
 
3
 
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales.
 
DATE TRANSACTIONS
2019
April 2 Sold merchandise for cash, $2,500 plus sales tax.
3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer.
4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30.
6 Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4.
30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.
 
 
4
 
Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale?
 
List price of $6,000 and trade discounts of 40 percent and 15 percent.
List price of $7,300 and trade discounts of 25 percent and 8 percent.
List price of $7,100 and trade discounts of 20 percent and 5 percent.
 
 
 
 
5
 
The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales:
 
DATE TRANSACTIONS
2019
May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30.
15 Recorded cash sales, $5,800 plus 8 percent sales tax.
31 Received payment on account due from Bill Gomez for the sale on May 1.
 
 
 
 
attempt 2
 
1
 
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke’s Franks, less discount, on April 10.
 
Required:
 
Record the transactions on April 1 and April 10.
 
 
 
2
 
Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places):
 
DATE TRANSACTIONS
2019
Feb. 2 Sold merchandise for cash totaling $3,800 to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale.
15 Sold merchandise totaling $2,100 to customers using American Express.
20 Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15.
 
 
3
 
The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales:
 
DATE TRANSACTIONS
2019
May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30.
15 Recorded cash sales, $5,800 plus 8 percent sales tax.
31 Received payment on account due from Bill Gomez for the sale on May 1.
4
 
Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale?
 
List price of $6,000 and trade discounts of 40 percent and 15 percent.
List price of $7,300 and trade discounts of 25 percent and 8 percent.
List price of $7,100 and trade discounts of 20 percent and 5 percent.
5
 
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales.
 
DATE TRANSACTIONS
2019
April 2 Sold merchandise for cash, $2,500 plus sales tax.
3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer.
4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30.
6 Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4.
 

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