Recording credit sales and posting from the sales journal.
Discount Appliance Center is a retail store that sells household appliances. The firm’s credit sales for June 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.
INSTRUCTIONS
1. Open the general ledger accounts and enter the balance of Accounts Receivable for June 1.
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 June 30.
4. Post the column totals from the sales journal to the proper general ledger accounts.
DATE | TRANSACTIONS |
June 1 | Sold a dishwasher to Barbara Merino; issued Sales Slip 201 for $750 plus sales tax of $60. |
6 | Sold a washer to David Reed; issued Sales Slip 202 for $1,050 plus sales tax of $84. |
11 | Sold a high-definition television set to Brenda Davis; issued Sales Slip 203 for $2,600 plus sales tax of $208. |
17 | Sold an electric dryer to Beatrice Wilson; issued Sales Slip 204 for $900 plus sales tax of $72. |
23 | Sold a trash compactor to Doris Lazo; issued Sales Slip 205 for $500 plus sales tax of $40. |
27 | Sold a portable color television set to Carol West; issued Sales Slip 206 for $1,200 plus sales tax of $96. |
29 | Sold an electric range to Rickey Eddie; issued Sales Slip 207 for $1,500 plus sales tax of $120. |
30 | Sold a microwave oven to Bridgette Nelson; issued Sales Slip 208 for $600 plus sales tax of $48. |
GENERAL LEDGER ACCOUNTS
111 | Accounts Receivable, $72,800 Dr. |
231 | Sales Tax Payable |
401 | Sales |
Analyze: What percentage of credit sales were for entertainment items?
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