Auto Geek is a retail store that sells car care products over the Internet. The firms cash receipts for February and the general ledger accounts used to record these transactions are shown below.
GENERAL LEDGER ACCOUNTS
Cash $ Debit Sales
Notes receivable Debit Interest income
Accounts receivable Debit Cash short or over
Supplies Debit
Sales tax payable Credit
Sal Dominguez, Capital Credit
DATE TRANSACTIONS
February Received $ from Cathy Scott, a credit customer, on account.
February Received a cash refund of $ for damaged supplies.
February Had cash sales of $ plus sales tax of $ during the first week of February; there was a cash shortage of $
February Sal Dominguez, the owner, invested an additional $ cash in the business.
February Received $ from Jamie Garrison, a credit customer, in payment of her account.
February Had cash sales of $ plus sales tax of $ during the second week of February; there was an overage of $
February Received $ from Mike Hart, a credit customer, to apply toward his account.
February Received a check from Ken Pitts to pay his $ promissory note plus interest of $
February Had cash sales of $ plus sales tax of $ during the third week of February.
February Albert Cifuentes, a credit customer, sent a check for $ to pay the balance he owes.
February Had cash sales of $ plus sales tax of $ during the fourth week of February; there was a cash shortage of $
Required:
Open the general ledger accounts and enter the balances as of February X
Record the transactions in a cash receipts journal.
Post the individual entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts.
Post the column totals from the cash receipts journal to the proper general ledger accounts.
Analyze:
What total accounts receivable were collected in February?
