Use the following transactions to answer the questions. Use a 7% sales tax rate. Total and rule the sales journal.
Aug. 1 | Sold merchandise on account to Beth Deleo, $1,500, plus sales tax. |
5 | Sold merchandise on account to Bill Serrato, $1,850, plus sales tax. |
11 | Issued credit memorandum to Beth Deleo for $428, including sales tax of $28. |
22 | Sold merchandise on account to Donna Whitten, $680, plus sales tax. |
25 | Sold merchandise on account to Rob Thompson, $750, plus sales tax. |
Prepare the sales journal using the above transactions, as appropriate. If required, round answers to the nearest cent.
SALES JOURNAL | Page 1 | |||||
Date | Sale No. | To Whom Sold | Post. Ref. | Accounts
Receivable Debit |
Sales Credit | Sales Tax Payable Credit |
Aug. 1 | Beth Deleo | |||||
5 | Bill Serrato | |||||
22 | Donna Whitten | |||||
25 | Rob Thompson | |||||
Prepare the general journal using the above transactions, as appropriate. If an amount box does not require, leave it blank.
DATE | DESCRIPTION | POST. REF. |
DEBIT | CREDIT | |||
---|---|---|---|---|---|---|---|
1 | Aug. 11 |
|
1 | ||||
2 |
|
2 | |||||
3 |
|
Solution Preparation of Sales Journal.
Sales Journal | Page 1 | |||||
Date | Sale No | To Whom Sold | Post Ref. | Accounts Receivable | Sales | Sales Tax Payable |
Debit | Credit | Credit | ||||
Aug.1 | Beth Deleo | 1605.00 | 1500.00 | 105.00 | ||
Aug.5 | Bill Serrato | 1979.50 | 1850.00 | 129.50 | ||
Aug.22 | Donna Whitten | 727.60 | 680.00 | 47.60 | ||
Aug.25 | Rob Thompson | 802.50 | 750.00 | 52.50 | ||
Total | $ 5,114.60 | $ 4,780.00 | $ 334.60 |
2. Preparation of General Journal
Date | Description | Post Ref. | Debit | Credit |
Aug.11 | Sales Return & Allowance | Page 1 | $ 400.00 | |
Sales Tax Payable | Page 1 | $ 28.00 | ||
Account Receivable- Beth Deleo | Page 1 | $ 428.00 | ||
To record Sales Return |
Use the following transactions to answer the questions. Use a 7% sales tax rate. Total and...
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