Exceptional Electronics began operations September 1, 2019. The firm sells its m
ID: 2394159 • Letter: E
Question
Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions.
Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $2,900 plus sales tax of $203.
Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70.
Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $200 plus sales tax of $14.
Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3.
Recorded cash sales for the period from September 1 to September 15 of $9,300 plus sales tax of $651.
Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $500 plus sales tax of $35.
Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $1,900 plus sales tax of $133.
Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12.
Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $300 plus sales tax of $21
Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $600 plus sales tax of $42.
Recorded cash sales for the period from September 16 to September 30 of $11,600 plus sales tax of $812.
GENERAL LEDGER ACCOUNTS
ACCOUNTS RECEIVABLE LEDGER ACCOUNTS
Required:
Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger.
Prepare a schedule of accounts receivable.
Analyze:
What is the amount of sales tax owed at September 30, 2019?
General Ledgers
Schedule of AR
Analyze
Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger.
Complete this question by entering your answers in the tabs below.
General Ledgers
Schedule of AR
Analyze
Prepare a schedule of accounts receivable.
$0
Complete this question by entering your answers in the tabs below.
General Ledgers
Schedule of AR
Analyze
What is the amount of sales tax owed at September 30, 2019?
DATE TRANSACTIONS 2019 Sept. 1Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $2,900 plus sales tax of $203.
3Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70.
7Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $200 plus sales tax of $14.
12Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3.
15Recorded cash sales for the period from September 1 to September 15 of $9,300 plus sales tax of $651.
16Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $500 plus sales tax of $35.
17Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $1,900 plus sales tax of $133.
18 Received $750 from Candy Cho on account. 20Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12.
25Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $300 plus sales tax of $21
27 Received payment in full from Bridgette Huffman for the sale of September 7 29Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $600 plus sales tax of $42.
30Recorded cash sales for the period from September 16 to September 30 of $11,600 plus sales tax of $812.
Explanation / Answer
Date/S.N
Particulars
Slip
Credit ($)
Credit ($)
Sep 1
Candy Cho
Sales
Sales Tax Payable
S.S. 101
3,103.00
……….
……….
……….
2,900.00
203.00
Sep 3
Jim Peterson
Sales
Sales Tax Payable
S.S. 102
1,070.00
……….
……….
……….
1,000.00
70.00
Sep 7
Bridgette Huffman
Sales
Sales Tax Payable
S.S. 103
214.00
……….
……….
……….
200.00
14.00
Sep 12
Sales Return and Allowances
Sales Tax Payable
Jim Peterson
C.M. 101
200.00
14.00
……….
……….
……….
214.00
Sep 15
Cash
Sales
Sales Tax Payable
-
9,951.00
……….
……….
……….
9,300.00
651.00
Sep 16
Kathy Sundstrand
Sales
Sales Tax Payable
S.S. 104
535.00
……….
……….
……….
500.00
35.00
Sep 17
Mark Navalta
Sales
Sales Tax Payable
S.S. 105
2,033.00
……….
……….
……….
1,900.00
133.00
Sep 18
Cash
Candy Cho
-
750.00
……….
……….
750.00
Sep 20
Cash
Jim Peterson
-
856.00
……….
……….
856.00
Sep 25
Sales Return and Allowances
Sales Tax Payable
Mark Navalta
C.M. 102
300.00
21.00
……….
……….
……….
321.00
Sep 27
Cash
Bridgette Huffman
-
214.00
……….
……….
214.00
Sep 29
Mark Navalta
Sales
Sales Tax Payable
S.S. 106
642.00
……….
……….
……….
600.00
42.00
Sep 30
Cash
Sales
Sales Tax Payable
-
12,412.00
……….
……….
……….
11,600.00
812.00
CASH
Account No. 101
Date
Debit
Credit
Balance
Sep 15
9,951.00
-
9,951.00
Sep 18
750.00
-
10,701.00
Sep 20
856.00
-
11,557.00
Sep 27
214.00
-
11,771.00
Sep 30
12,412
-
24,183.00 Dr
SALES
Account No. 401
Date
Debit
Credit
Balance
Sep 1
-
2,900.00
2,900.00
Sep 3
-
1,000.00
3,900.00
Sep 7
-
200.00
4,100.00
Sep 15
-
9,300.00
13,400.00
Sep 16
-
500.00
13,900.00
Sep 17
-
1,900.00
15,800.00
Sep 29
-
600.00
16,400.00
Sep 30
-
11,600.00
28,000.00 Dr
SALES RETURN AND ALLOWANCE
Account No. 421
Date
Debit
Credit
Balance
Sep 12
200.00
-
200.00
Sep 25
300.00
-
500.00 Dr
SALES TAX PAYABLE
Account No. 221
Date
Debit
Credit
Balance
Sep 1
-
203.00
203.00
Sep 3
-
70.00
273.00
Sep 7
-
14.00
287.00
Sep 12
14.00
-
273.00
Sep 15
-
651.00
924.00
Sep 16
-
35.00
959.00
Sep 17
-
133.00
1,092.00
Sep 25
21.00
-
1,069.00
Sep 29
-
42.00
1,113.00
Sep 30
-
812.00
1,925.00 Cr
CANDY CHO
Date
Debit
Credit
Balance
Sep 1
3,103.00
-
3,103.00
Sep 18
-
750.00
2,353.00 Dr
JIM PETERSON
Date
Debit
Credit
Balance
Sep 3
1,070.00
-
1,070.00
Sep 12
-
214.00
856.00
Sep 20
-
856.00
NIL
BRIDGETTE HUFFMAN
Date
Debit
Credit
Balance
Sep 7
214.00
-
214.00
Sep 27
-
214.00
NIL
KATHY SUNDSTRAND
Date
Debit
Credit
Balance
Sep 16
535.00
-
535.0 Dr
MARK NAVALTA
Date
Debit
Credit
Balance
Sep 17
2,033.00
-
2,033.00
Sep 25
-
321.00
1,712.00
Sep 29
642.00
-
2,354 Dr
EXCEPTIONAL ELECTRONICS
Schedule of Accounts Receivable
September 30, 2019
Candy Cho
2353.00
Bridgette Huffman
00.00
Mark Navalta
2354.00
Jim Peterson
00.00
Kathy Sundstrand
535.00
Total
5,242.00
Sales Tax Owed
1925.00
Date/S.N
Particulars
Slip
Credit ($)
Credit ($)
Sep 1
Candy Cho
Sales
Sales Tax Payable
S.S. 101
3,103.00
……….
……….
……….
2,900.00
203.00
Sep 3
Jim Peterson
Sales
Sales Tax Payable
S.S. 102
1,070.00
……….
……….
……….
1,000.00
70.00
Sep 7
Bridgette Huffman
Sales
Sales Tax Payable
S.S. 103
214.00
……….
……….
……….
200.00
14.00
Sep 12
Sales Return and Allowances
Sales Tax Payable
Jim Peterson
C.M. 101
200.00
14.00
……….
……….
……….
214.00
Sep 15
Cash
Sales
Sales Tax Payable
-
9,951.00
……….
……….
……….
9,300.00
651.00
Sep 16
Kathy Sundstrand
Sales
Sales Tax Payable
S.S. 104
535.00
……….
……….
……….
500.00
35.00
Sep 17
Mark Navalta
Sales
Sales Tax Payable
S.S. 105
2,033.00
……….
……….
……….
1,900.00
133.00
Sep 18
Cash
Candy Cho
-
750.00
……….
……….
750.00
Sep 20
Cash
Jim Peterson
-
856.00
……….
……….
856.00
Sep 25
Sales Return and Allowances
Sales Tax Payable
Mark Navalta
C.M. 102
300.00
21.00
……….
……….
……….
321.00
Sep 27
Cash
Bridgette Huffman
-
214.00
……….
……….
214.00
Sep 29
Mark Navalta
Sales
Sales Tax Payable
S.S. 106
642.00
……….
……….
……….
600.00
42.00
Sep 30
Cash
Sales
Sales Tax Payable
-
12,412.00
……….
……….
……….
11,600.00
812.00
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.