J. K. Bijan owns a retail business and made the following sales on account during the month
Question:
J. K. Bijan owns a retail business and made the following sales on account during the month of August 20--. There is a 6% sales tax on all sales.
Aug. 1 Sale No. 213 to Jung Manufacturing Co., $1,200 plus sales tax.
3 Sale No. 214 to Hassad Co., $3,600 plus sales tax.
7 Sale No. 215 to Helsinki, Inc., $1,400 plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 47870-8867.)
11 Sale No. 216 to Ardis Myler, $1,280 plus sales tax.
18 Sale No. 217 to Hassad Co., $4,330 plus sales tax.
22 Sale No. 218 to Jung Manufacturing Co., $2,000 plus sales tax.
30 Sale No. 219 to Ardis Myler, $1,610 plus sales tax.
REQUIRED
1. Record the transactions in a general journal.
2. Post from the journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Step by Step Answer:
GENERAL JOURNAL PAGE 15 date description POST ref debit credit 20Aug 1 Accounts ReceivableJung Manufacturing Co 122 1 2 7 2 00 Sales 401 1 2 0 0 00 Sales Tax Payable 231 7 2 00 Sale No 213 3 Accounts ...View the full answer
