1. UOP ACC 291 Week 1 Practice Connect
Practice
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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):
2. 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
3. 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
4. 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
5. 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
6. 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.
7. 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.