The following transactions were completed by Nelson s

Boutique a retailer
The following transactions were completed by Nelson’s Boutique, a retailer, during July. Terms
on sales on account are 2/10, n/30, FOB shipping point. July 3 Received cash from J. Smith in
payment of June 29 invoice of $ 350, less cash discount. 6 Issued Ck. No. 1718, $ 742.50, to
Designer, Inc., for invoice. no. 2256, recorded previously for $ 750, less cash discount of $
7.50.July 9 Sold merchandise in the amount of $ 250 on a credit card. Sales tax on this sale is
6%. The credit card fee the bank deducted for this transaction is $ 5. 10 Issued Ck. No. 1719, $
764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for $ 780. A
trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.’s credit terms
are 2/10, n/30. 12 Received $ 180 cash in payment of June 20 invoice from R. Matthews. No
cash discount applied. 18 Received $ 1,575 cash in payment of a $ 1,500 note receivable and
interest of $ 75. 21 Voided Ck. No. 1720 due to error. 25 Received and paid utility bill, $ 152;
Ck. No. 1721, payable to City Utilities Company. 31 Paid wages recorded previously for the
month, $ 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash
receipts journal, the general journal (for the transaction on July 9th), or the cash payment
journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the
journals. 3. Prove the equality of debit and credit totals.View Solution: The following
transactions were completed by Nelson s Boutique a retailer
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