Wiset Company completes the following transactions during April, its first month of oper...

Wiset Company completes the following transactions during April, its first month of operations. A tax rate of 8% applies to all sales.

Apr. 3 Sold $4,000 of merchandise on credit to Page Alistair, Invoice No. 760.

5 Sold $8,000 of merchandise on credit to Paula Kohr, Invoice No. 761.

11 Sold $10,500 of merchandise on credit to Nic Nelson, Invoice No. 762.

13 Sold $5,100 of merchandise on credit to Page Alistair, Invoice No. 763.

27 Sold $3,170 of merchandise on credit to Paula Kohr, Invoice No. 764.

27 Sold $6,700 of merchandise on credit to Nic Nelson, Invoice No. 765.

Required

1. Prepare a sales journal like that in Exhibit 11.6. Number the sales journal page as page 3. Enter the transactions in the sales journal.

2. Open the following general ledger accounts: Accounts Receivable (#106), Sales Tax Payable (#205), and Sales (#400). Also open accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson. Post the transactions to the subsidiary ledger accounts. Prepare the monthend postings to the general ledger accounts.