The following transactions were completed by Nelson s

Hardware a retailer
The following transactions were completed by Nelson’s Hardware, a retailer, during September.
Terms on sales on account are 1/ 10, n/ 30, FOB shipping point. Sept. 4 Received cash from M.
Alex in payment of August 25 invoice of $ 275, less cash discount. 7 Issued Ck. No. 8175, $
915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for $ 925, less cash
discount of $ 9.25. 10 Sold merchandise in the amount of $ 175 on a credit card. Sales tax on
this sale is 8%. The credit card fee the bank deducted for this transaction is $ 5. 11 Issued Ck.
No. 8176, $ 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for
$ 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.’s
credit terms are 1/ 10, n/ 45.Sept. 15 Received $ 95 cash in payment of August 20 invoice from
N. Johnson. No cash discount applied. 19 Received $ 1,165 cash in payment of a $ 1,100 note
receivable and interest of $ 65. 22 Voided Ck. No. 8177 due to error. 26 Received and paid
telephone bill, $ 62; Ck. No. 8178, payable to Southern Telephone Company. 30 Paid wages
recorded previously for the month, $ 3,266, Ck. No. 8179. Required 1. Journalize the
transactions for September in the cash receipts journal, the general journal (for the transaction
on Sept. 10th), 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 Hardware a retailer
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