Recording credit sales and posting from the sales journal.
The Tri-County Appliance Emporium is a retail store that sells household appliances. The firm’s credit sales for July are listed below, along with the general ledger accounts used to record these sales. The balance shown for Accounts Receivable is for the beginning of the month.
DATE | TRANSACTIONS |
July 1 | Sold a dishwasher to Bonnie Franklin; issued Sales Slip 501 for $850 plus sales tax of $68. |
6 | Sold a washer to Janet Judge; issued Sales Slip 502 for $2,625 plus sales tax of $210. |
11 | Sold a high-definition television set to Raymond Clay; issued Sales Slip 503 for $2,600 plus sales tax of $208. |
17 | Sold an electric dryer to Melissa Gray; issued Sales Slip 504 for $900 plus sales tax of $72. |
23 | Sold a trash compactor to Angela Nguyen; issued Sales Slip 505 for $500 plus sales tax of $40. |
27 | Sold a color television set to Clifton Wallace; issued Sales Slip 506 for $1,600 plus sales tax of $128. |
29 | Sold an electric range to Sally Wei; issued Sales Slip 507 for $1,300 plus sales tax of $104. |
31 | Sold a double oven to Ken Holt; issued Sales Slip 508 for $400 plus sales tax of $32. |
INSTRUCTIONS
1. Open the general ledger accounts and enter the balance of Accounts Receivable for July 1, 2010.
2. Record the transactions in a sales journal like the one shown in Figure 7.4. Use 8 as the journal page number.
3. Total, prove, and rule the sales journal as of July 31.
4. Post the column totals from the sales journal to the proper general ledger accounts.
GENERAL LEDGER ACCOUNTS
111 | Accounts Receivable, $31,400 Dr. |
231 | Sales Tax Payable |
401 | Sales |
Analyze: What percentage of credit sales were for entertainment items?
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