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):
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DATE
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TRANSACTIONS
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2019
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|
| |
2
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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.
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15
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Sold merchandise totaling $2,100 to customers using American Express.
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20
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Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15.
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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.
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DATE
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TRANSACTIONS
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2019
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April
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2
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Sold merchandise for cash, $2,500 plus sales tax.
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|
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3
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The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer.
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4
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Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30.
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6
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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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30
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Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.
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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:
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DATE
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TRANSACTIONS
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2019
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|
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May
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1
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Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30.
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15
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Recorded cash sales, $5,800 plus 8 percent sales tax.
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31
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Received payment on account due from Bill Gomez for the sale on May 1.
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Entire Course Linkhttps://uopcourses.com/https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM
ACC 291 Week 1 Practice: Connect Practice Assignment
attempt 1
1
Record the following transactions of Lisa’s Fashion Boutique