Exceptional Electronics began operations September 1, 2019. The firm sells its m

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 TRANSACTIONS DATE 2019 Sept. 1 Sold a inition television set on credit to Candy Cho; issued Sales Slip 101 for $2,000 plus sales tax of $140. 3 Sold stereo equipment on credit to Jin Peterson; issued Sales Slip 7 12 Accepted return 102 for $1,000 plus sales tax of $70 sold a mierowave oven on credit to Bridgette Buffman; issued Sales slip 103 ftor $400 plus sales tax of $28. of defective stereo equipment from Jim Peterson; $200 plus sales tax of $14. The Lesued Credit Memor andum 101 for $ stereo equipment was sold on September 3. d cash sales for the period from September 1 to September 16 sold gas dryer on credit to Kathy Sundstrand: issued Sales slip 17 Sold a home entertainment system on credit to Mark Navalta; issued 18 Rece ved $660 from Candy Cho on account 15 of $10,400 plus sales tax of $728 104 for $700 plus sales tax of $49. Sales slip 105 for $2,000 plus sales tax of $140. September 3, less the return of Septenber 12. 20 Received payment in ull trom 7im Peterson for the sale 25 Gave Mark Nav alta an allowance because of scratches on his home entertainment aystem sold on Septenber 17, Sales Slip 105: issued Credit Memorandum, 102 for $100 plus sales tax of $7 Received payment in full from Bridgette Hutfman for the sale of Septenber 7 2sod dishwasher on credit to Mark Navalta; issue d sales s1sp 106 for $500 plus sales tax of $35 Recorded cash sales tor the period Erom September 16 to September 30 of $10,700 plus sales tax of $749.

Explanation / Answer

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.

Cash Account No 101 Date Debit Credit Balance Sep 15 11128 11128 Sep 18 660 11788 Sep 20 856 12644 Sep 27 428 13072 Sep 30 11449 24521 Accounts Receivable Account No 111 Date Debit Credit Balance Sep 1 2140 2140 Sep 3 1070 3210 Sep 7 428 3638 Sep 12 214 3424 Sep 16 749 4173 Sep 17 2140 6313 Sep 18 660 5653 Sep 20 856 4797 Sep 25 107 4690 Sep 27 428 4262 Sep 29 535 4797 Sales Tax Payable Account No 221 Date Debit Credit Balance Sep 1 140 140 Sep 3 70 210 Sep 7 28 238 Sep 12 14 224 Sep 15 728 952 Sep 16 49 1001 Sep 17 140 1141 Sep 25 7 1134 Sep 29 35 1169 Sep 30 749 1918 Sales Account No 401 Date Debit Credit Balance Sep 1 2000 2000 Sep 3 1000 3000 Sep 7 400 3400 Sep 15 10400 13800 Sep 16 700 14500 Sep 17 2000 16500 Sep 29 500 17000 Sep 30 10700 27700 Sales Return and Allowance Account No 421 Date Debit Credit Balance Sep 12 200 200 Sep 25 100 300

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.