Exceptional Electronics began operations September 1, 2019. The firm sells its m
ID: 2409051 • 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 $3,300 plus sales tax of $231.
Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $900 plus sales tax of $63.
Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $300 plus sales tax of $21.
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 $8,900 plus sales tax of $623.
Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $600 plus sales tax of $42.
Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,300 plus sales tax of $161.
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 $200 plus sales tax of $14
Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $400 plus sales tax of $28.
Recorded cash sales for the period from September 16 to September 30 of $12,000 plus sales tax of $840.
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?
Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $3,300 plus sales tax of $231.
3Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $900 plus sales tax of $63.
7Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $300 plus sales tax of $21.
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 $8,900 plus sales tax of $623.
16Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $600 plus sales tax of $42.
17Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,300 plus sales tax of $161.
18 Received $790 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 $200 plus sales tax of $14
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 $400 plus sales tax of $28.
30Recorded cash sales for the period from September 16 to September 30 of $12,000 plus sales tax of $840.
Required: 2. Post the entries from the general journal into the approprlate accounts in the general ledger and in the accounts receivable leder 3. Prepare a schedule of accounts receivable. Analyze: What is the amount of sales tax owed at September 30, 2019? Complete this question by entering your answers in the tabs below. Schedule of General Ledgers AR Analyze Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger. GENERAL LEDGER Cash Account No. 101 Accounts Receivable Account No. 111 Date Debit Credit Balance Date Debit Credit Balance Prey 1 of 2 Next >Explanation / Answer
Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-Sep Accounts receivable - Candy Cho 3,531.00 Sales 3,300.00 Sales Tax Payable 231.00 (To record the sales) 3-Sep Accounts receivable - Jim Peterson 963.00 Sales 900.00 Sales Tax Payable 63.00 (To record the sales) 7-Sep Accounts receivable - Bridgette Huffman 321.00 Sales 300.00 Sales Tax Payable 21.00 (To record the sales) 12-Sep Sales Return & Allowances 200.00 Sales Tax Payable 14.00 Accounts receivable - Jim Peterson 214.00 (To record the sales return) 15-Sep Cash 9,523.00 Sales 8,900.00 Sales Tax Payable 623.00 (To record the sales) 16-Sep Accounts receivable - Kathy Sundstrand 642.00 Sales 600.00 Sales Tax Payable 42.00 (To record the sales) 17-Sep Accounts receivable - Mark Navalta 2,461.00 Sales 2,300.00 Sales Tax Payable 161.00 (To record the sales) 18-Sep Cash 790.00 Accounts receivable - Candy Cho 790.00 (To record the cash received) 20-Sep Cash 749.00 Accounts receivable - Jim Peterson 749.00 (To record the cash received) 25-Sep Sales Return & Allowances 200.00 Sales Tax Payable 14.00 Accounts receivable - Mark Navalta 214.00 (To record the sales allowance) 27-Sep Cash 321.00 Accounts receivable - Bridgette Huffman 321.00 (To record the cash received) 29-Sep Accounts receivable - Mark Navalta 428.00 Sales 400.00 Sales Tax Payable 28.00 (To record the sales) 30-Sep Cash 12,840.00 Sales 12,000.00 Sales Tax Payable 840.00 (To record the sales) Answer 2. GENERAL LEDGER Cash Accounts Receivable Sales Tax Payable Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance 15-Sep 9,523.00 9,523.00 Dr. 1-Sep 3,531.00 3,531.00 Dr. 1-Sep 231.00 231.00 Cr. 18-Sep 790.00 10,313.00 Dr. 3-Sep 963.00 4,494.00 Dr. 3-Sep 63.00 294.00 Cr. 20-Sep 749.00 1,539.00 Dr. 7-Sep 321.00 4,815.00 Dr. 7-Sep 21.00 315.00 Cr. 27-Sep 321.00 1,070.00 Dr. 12-Sep 214.00 4,601.00 Dr. 12-Sep 14.00 301.00 Cr. 30-Sep 12,840.00 13,161.00 Dr. 16-Sep 642.00 5,243.00 Dr. 15-Sep 623.00 924.00 Cr. 17-Sep 2,461.00 7,704.00 Dr. 16-Sep 42.00 966.00 Cr. 18-Sep 790.00 6,914.00 Dr. 17-Sep 161.00 1,127.00 Cr. 20-Sep 749.00 6,165.00 Dr. 25-Sep 14.00 1,113.00 Cr. 25-Sep 214.00 5,951.00 Dr. 29-Sep 28.00 1,141.00 Cr. 27-Sep 321.00 5,630.00 Dr. 30-Sep 840.00 1,981.00 Cr. 29-Sep 428.00 6,058.00 Dr. Sales Sales Return & Allowances Date Debit Credit Balance Date Debit Credit Balance 1-Sep 3,300.00 3,300.00 Cr. 12-Sep 200.00 200.00 Dr. 3-Sep 900.00 4,200.00 Cr. 25-Sep 200.00 400.00 Dr. 7-Sep 300.00 4,500.00 Cr. 15-Sep 8,900.00 13,400.00 Cr. 16-Sep 600.00 14,000.00 Cr. 17-Sep 2,300.00 16,300.00 Cr. 29-Sep 400.00 16,700.00 Cr. 30-Sep 12,000.00 28,700.00 Cr. ACCOUNTS RECEIVABLE - SUBSIDIARY LEDGER Candy cho Jim Peterson Bridgette Huffman Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance 1-Sep 3,531.00 3,531.00 Dr. 3-Sep 963.00 963.00 Dr. 7-Sep 321.00 321.00 Dr. 18-Sep 790.00 2,741.00 Dr. 12-Sep 214.00 749.00 Dr. 27-Sep 321.00 - Dr. 20-Sep 749.00 - Dr. Kathy Sundstrand Mark Navalta Date Debit Credit Balance Date Debit Credit Balance 16-Sep 642.00 642.00 Dr. 17-Sep 2,461.00 2,461.00 Dr. 25-Sep 214.00 2,247.00 Dr. 29-Sep 428.00 2,675.00 Dr. Answer 3. EXCEPTIONAL ELECTRONICS Schedule of Accounts Receivables Candy cho 2,741.00 Jim Peterson - Bridgette Huffman - Kathy Sundstrand 642.00 Mark Navalta 2,675.00 Total 6,058.00 Answer 4. Sales Tax Payable 1,981.00
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.