subject to a 7 percent sales tax. During September. Exce on open account Sales a
ID: 2329298 • Letter: S
Question
subject to a 7 percent sales tax. During September. Exce on open account Sales are 2019 Sept- 1 Sold a high-definition televi chos issued Sales Slip 101 for 42,100 plus sales tax of 3 Sold stereo equipment on credit to Jim Peterson: issued Sales Slip 102 for $900 plus sales tax of $63 issued Sales siip 103 for 6300 plus ales tax of f21 Peterson: issued Credit Memorandum 101 for $200 plus 7 Sold a microwave oven on credit to Bridgette Huffman; 12 Accepted return of defective stereo equipment from Jim sales tax of 14. The stereo equipment wa sold on 15 Recorded cash sales for the period from September 1 to 16 5old a gas dryer on aredit to Kathy Sundstrand: issued 17 Sold a home entertainnent system on credit to Mark September 15 of $10,500 plus sales tax of $735. Sales 51ip 104 for 600 plus sales tax o $42 Navalta; issued Sales S1ip 105 for $2,100 plus sales tax of 4147. 19 Received $670 from Candy Cho on account. 20 Received payment in ful1 from Jin Peterson for the sale of September 3, less the return of September 12. 25 Gave Mark Navaita an allowance because of scratches on hio hone entertainment systen sold on September 17, Saies S1ip 105: issved Credit Memorandun 102 for $200 pius sales tax of 24 27 Recei ved payment in tuli rree Bradgeste Huctman for the 29 Soid a di blashe: en czedi to Mark dMavaica: sesued Sales 30 Recorded cash ales for the period zom September 16 to Slip 206 for s400 plus sales tax of #28 Septesber 30 of 410,800 plus taie :ax of $756 Required:Explanation / Answer
1) Journak Entries (Amounts in $)
2) Total Cash Sales = $10,500+$10,800 = $21,300
Total Credit Sales = $2,100+$900-$200+$300+$600+$2,100-$200+$400 = $6,000
Total Sales = Cash Sales+Credit Sales
= $21,300+$6,000 = $27,300
Total sale of entertainment items = Television+Stereo Equipment (net)+home entertainment system
= $2,100+$900-$200+$2,100-$200 = $4,700
Percentage of sale of entertainment items = $4,700/$27,300 = 17.2%
Date General Journal Debit Credit Sept. 1, 2019 Accounts Receivable-Candy Cho 2,247 Sales Revenue 2,100 Sales Tax Payable 147 Sept. 3, 2019 Accounts Receivable-Jim Peterson 963 Sales Revenue 900 Sales Tax Payable 63 Sept. 7, 2019 Accounts Receivable-Bridgette Huffman 321 Sales Revenue 300 Sales Tax Payable 21 Sept. 12, 2019 Sales Returns and Allowances 200 Sales Tax Payable 14 Accounts Receivable-Jim Peterson 214 Sept. 15, 2019 Cash 11,235 Sales Revenue 10,500 Sales Tax Payable 735 Sept. 16, 2019 Accounts Receivable-Kathy Sundstrand 642 Sales Revenue 600 Sales Tax Payable 42 Sept. 17, 2019 Accounts Receivable-Mark Navalta 2,247 Sales Revenue 2,100 Sales Tax Payable 147 Sept. 18, 2019 Cash 670 Accounts Receivable-Candy Cho 670 Sept. 20, 2019 Cash (963-214) 749 Accounts Receivable-Jim Peterson 749 Sept. 25, 2019 Sales Returns and Allowances 200 Sales Tax Payable 14 Accounts Receivable-Mark Navalta 214 Sept. 27, 2019 Cash 321 Accounts Receivable-Bridgette Huffman 321 Sept. 29, 2019 Accounts Receivable-Mark Navalta 428 Sales Revenue 400 Sales Tax Payable 28 Sept. 30, 2019 Cash 11,556 Sales Revenue 10,800 Sales Tax Payable 756Related Questions
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