Recording sales transactions, posting to the accounts receivable ledger, and preparing a schedule of accounts receivable.
The Dining Elegance China Shop sells china, glassware, and other gift items that are subject to an 8 percent sales tax. The shop uses a general journal and a sales journal similar to those illustrated in this chapter.
DATE | TRANSACTIONS |
Nov. 1 | Sold china to Pauline Judge; issued Sales Slip 1001 for $1,500 plus $120 sales tax. |
5 | Sold a brass serving tray to Janet Hutchison; issued Sales Slip 1002 for $2,100 plus $168 sales tax. |
6 | Sold a vase to Charles Brown; issued Sales Slip 1003 for $700 plus $56 sales tax. |
10 | Sold a punch bowl and glasses to Lisa Morgan; issued Sales Slip 1004 for $1,700 plus $136 sales tax. |
14 | Sold a set of serving bowls to Dorothy Watts; issued Sales Slip 1005 for $550 plus $44 sales tax. |
17 | Gave Lisa Morgan an allowance because of a broken glass discovered when unpacking the punch bowl and glasses sold on November 10, Sales Slip 1004; issued Credit Memorandum 102 for $162.00, which includes sales tax of $12. |
21 | Sold a coffee table to Winnie Wu; issued Sales Slip 1006 for $3,200 plus $256 sales tax. |
24 | Sold sterling silver teaspoons to Henry Okafor; issued Sales Slip 1007 for $600 plus $48 sales tax. |
25 | Gave Winnie Wu an allowance for scratches on his coffee table sold on November 21, Sales Slip 1006; issued Credit Memorandum 103 for $378, which includes $28 in sales tax. |
30 | Sold a clock to Euline Brock; issued Sales Slip 1008 for $3,800 plus $304 sales tax. |
INSTRUCTIONS
1. Record the transactions for November in the proper journal. Use 6 as the page number for the sales journal and 16 as the page number for the general journal.
2. Immediately after recording each transaction, post to the accounts receivable ledger.
3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month.
4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule.
Analyze: Which customer has the highest balance owed at November 30, 2010?
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