Question

Recording Merchandising Transactions INSTRUCTIONS Record the following transactions in T-account form in your working papers for Sharp Shot Camera Shop. A partial chart of accounts follows:

General Ledger
Cash in Bank
Accounts Receivable
Merchandise Inventory
Accounts Payable
Sales

Apr 4. Sold 10 Canon cameras on account for $3,000, Sales Slip 224.
Apr.10 Sold 2 dozen photo albums for $150, cash, Sales Receipt 302.
Apr. 20 Sold 4 rolls of 35mm film for $24 cash, Sales Receipt 303.
Apr 4. Sold a Canon camera to a customer for $380 cash, Sales Receipt 304.

Answer 1

Answer:

Sharp Shot Camera Shop

General Ledger

Cash in Bank

Date      Account Titles       Debit     Credit

Apr. 10  Sales                    $150

Apr. 20 Sales                        24

Apr. 24 Sales                      380

Accounts Receivable

Date      Account Titles       Debit     Credit

Apr. 4    Sales                   $3,000

Sales

Date      Account Titles       Debit     Credit

Apr. 4    Accounts Receivable        $3,000

Apr. 10  Cash                                         150

Apr. 20 Cash                                          24

Apr. 24 Cash                                        380

Explanation:

a) Data and Calculations:

Apr 4 Credit Sales = $3,000

Apr. 10 Cash Sales = $150

Apr. 20 Cash Sales = $24

Apr. 24 Cash Sales = $380

b) The initial records are made in the journal which debits Cash and Accounts Receivable and credits Sales Account for each transaction.