Recording credit sales and posting from the sales journal.J&J Appliances is a retail s...

Recording credit sales and posting from the sales journal.

J&J Appliances is a retail store that sells household appliances. Merchandise sales are subject to an 8 percent sales tax. The firm’s credit sales for June are listed below Instruction 4, along with the general ledger accounts used to record these sales. The balance shown for Accounts Receivable is for the beginning of the month.

INSTRUCTIONS

1. Open the general ledger accounts and enter the balance of Accounts Receivable for June 1.

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2. Record the transactions in a sales journal like the one shown in Figure 7.4. Use 8 as the journal page number.

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3. Total, prove, and rule the sales journal as of June 30.

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4. Post the column totals from the sales journal to the proper general ledger accounts.

GENERAL LEDGER ACCOUNTS

Analyze: What percentage of sales were for entertainment items?

FIGURE 7.4 End-of-Month Postings