- Description
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. | |