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: DATE TRANSACTIONS 2019 Sept. 1 sold a high-definition television set on credit to Candy Cho, issued Sales slip 101 for $3,300 plus sales tax of $231. 3 Sold stereo equipment on credit to Jim Peterson issued Sales Slip 102 for $900 plus sales tax of $63. 7 Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $300 plus sales tax of $21. 12 Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandus 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3. 15 Recorded cash sales for the period from September 1 to September 15 of $8,900 plus sales tax of $623. 16 Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $600 plus sales tax of $42. 17 Sold 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. 20 Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12. 25 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. 27 Received payment in full from Bridgette Huffman for the sale of September 7. 29 Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $400 plus sales tax of $28. 30 Recorded cash sales for the period from September 16 to September 30 of $12,000 plus sales tax of $B40.

Answer 1

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Date	Account	Debit	Credit
Sep 1	Accounts Receivable-Candy Cho	$     3,531
	Sales		$     3,300
	Sales Tax Payable		$         231
	Sold TV on credit to Candy Cho, Sales Slip 101
Sep 3	Accounts Receivable-Jim Peterson	$         963
	Sales		$         900
	Sales Tax Payable		$           63
	Sold stereo equip. on credit to Jim Peterson, Sales Slip 102
Sep 7	Accounts Receivable-Bridgette Huffman	$         321
	Sales		$         300
	Sales Tax Payable		$           21
	Sold microwave oven on credit to Bridgette Huffman Sales Slip 103
Sep 12	Sales Returns and Allowances	$         200
	Sales Tax Payable	$           14
	Accounts Receivable-Jim Peterson		$         214
	Accepted return of defective merchandise, Credit Memo 101
Sep 15	Cash	$     9,523
	Sales		$     8,900
	Sales Tax Payable		$         623
	Record cash sales, Sept. 1-15
Sep 16	Accounts Receivable-Kathy Sundstrand	$         642
	Sales		$         600
	Sales Tax Payable		$           42
	Sold gas dryer on credit to Kathy Sundstrand, Sales Slip 104
Sep 17	Accounts Receivable-Mark Navalta	$     2,461
	Sales		$     2,300
	Sales Tax Payable		$         161
	Sold home entertainment system on credit to Mark Navalta, Sales Slip 105
Sep 18	Cash	$         790
	Accounts Receivable-Candy Cho		$         790
	Received partial payment on account from Candy Cho
Sep 20	Cash	$         749
	Accounts Receivable-Jim Peterson		$         749
	Received payment on account from Jim Peterson
Sep 25	Sales Returns and Allowances	$         200
	Sales Tax Payable	$           14
	Accounts Receivable-Mark Navalta		$         214
	Issued Credit Memorandum 102 due to scratches
Sep 27	Cash	$         321
	Accounts Receivable-Bridgette Huffman		$         321
	Received payment from Bridgette Huffman
Sep 29	Accounts Receivable/Mark Navalta	$         428
	Sales		$         400
	Sales Tax Payable		$           28
	Sold dishwasher on credit to Mark Navalta, Sales Slip 106
Sep 30	Cash	$   12,840
	Sales		$   12,000
	Sales Tax Payable		$         840
	Record cash sales, Sept. 16 – 30
Analyze:
	High Definition TV	$     3,300
	Sterio Equipment	$         900
	Return of Sterio	$       (200)
	Home Entertainment	$     2,300
	Return of home Entertainment	$       (200)
	Entertainment item sale	$     6,100
	Total Sale	$   28,300
	Percentage ($6,100/$28,300)	21.55%