OfficePro Business Supplies began operations October 1, 20X1. The firm sells its merchandise for cash and on
Question:
OfficePro Business Supplies began operations October 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 5 percent sales tax. During October, OfficePro Business Supplies engaged in the following transactions:
INSTRUCTIONS
1. Open the general ledger accounts indicated below.
2. Record the transactions in a general journal. Use 1 as the journal page number.
3. Post the entries from the general journal to the appropriate general ledger accounts.
GENERAL LEDGER ACCOUNTS
Analyze:
How much is owed for sales taxes collected at October 31?
DATE 20X1 Oct. 1 4 12 15 25 TRANSACTIONS Sold merchandise on credit to Adriana Saravia, CPA; issued Sales Slip 101 for $600 plus sales tax of $30. Sold merchandise on credit to A.L. Fontes, Consulting, LLC; issued Sales Slip 102 for $360 plus sales tax of $18. Sold merchandise on credit to Albert Manning, Attorney at Law; issued Sales Slip 103 for $400 plus sales tax of $20. Recorded cash sales for the period from October 1 to October 15 of $4,815 plus sales tax of $240.75. Sold merchandise on credit to Yenni Chen Realtors; issued Sales Slip 104 for $920 plus sales tax of $46
Step by Step Answer:
2 Recording of transaction in General Journal The journal entries can be posted as follows DATE ACCO...View the full answer
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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