The transactions below took place at The Big Outdoors, a retail business that sells outdoor clothing and camping equipment. Indicate the numbers of the general ledger accounts that would be debited and credited to record each transaction.
GENERAL LEDGER ACCOUNTS
101 | Cash | 401 | Sales |
111 | Accounts Receivable | 451 | Sales Returns and Allowances |
231 | Sales Tax Payable |
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DATE | TRANSACTIONS |
May 1 | Sold merchandise on credit; the transaction involved sales tax. |
2 | Received checks from credit customers on account. |
3 | Accepted a return of merchandise from a credit customer; the original sale involved sales tax. |
4 | Sold merchandise for cash; the transaction involved sales tax. |
5 | Gave an allowance to a credit customer for damaged merchandise; the original sale involved sales tax. |
6 | Provided a cash refund to a customer who returned merchandise; the original sale was made for cash and involved sales tax. |
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