Question

Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. hts DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $1,650 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $150 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,200 plus tax, terms n/30. 6 Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $75 plus tax. The original sale was made on Sales Slip 908 of April 4. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. View transaction list Journal entry worksheet 1 2 3 4 6 Sold merchandise for cash, $1,650 plus sales tax. Note: Enter debits before credits. General Journal Date Credit Debit 1 7821

Answer 1

Debit & credit $ Date Accounts title and explanatton $1782 Ada April cash ate account $1650 To sales revence account $132 To sales tax payable account ($1050X 8.10) $150 35d April sales retion and allowance account sales tax payable account (150X86) $12 $162 To cash account $1296 4" April Accounts Receivable - Jordan To sales revenue account $1200 $96 To sales tax payable account (1200x8.1.) is sth April solles retorn and allowance account sales tax payable accouze x8(-) To accounts Receivable- $81. Jondan 30th April cash ($1296-881) $ 1215 TO Accounts Receivable $1215 =XS