Record the following transactions of Lisa’s Fashion Boutique in a general journa

Question

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):

DATE TRANSACTIONS 2019 Feb. 2 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. 15 Sold merchandise totaling $2,100 to customers using American Express. 20 Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15.

Explanation / Answer

Journal Entries in the Books of Lisa’s Fashion Boutique

Date.........Particulars...........................................................................Debit ($).......Credit($)

02 Feb.....Bank Account..................................................................................4,021.92

...............Sales.........................................................................................................................3,724.00

...............Sales Tax....................................................................................................................297.92

15 Feb.....Customer............................................................................................2,168.00

...............Sales...........................................................................................................................2,100.00

...............Sales Tax......................................................................................................................168.00

20 Feb.....Bank...................................................................................................2,102.96

...............Discount Given.......................................................................................65.04

...............Customer.....................................................................................................................2168.00

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