1. Open the general ledger accounts and accounts receivable ledger accounts indicated below.
2. Post the entries from the general journal in Problem 7.2A to the appropriate accounts in the general ledger and in the accounts receivable ledger.
3. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule.

Data from in Problem 7.2A

Precision Electronics began operations September 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. The terms for all sales on credit are net 30. During September, Precision Electronics engaged in the following transactions:

GENERAL LEDGER ACCOUNTS

ACCOUNTS RECEIVABLE LEDGER ACCOUNTS

Analyze: 

What is the amount of sales tax owed at September 30, 20X1?

Transcribed Image Text:

DATE 20X1 Sept. 1 3 7 12 15 16 17 18 20 TRANSACTIONS Sold a high-definition television set on credit to Cindy Chin; issued Sales Slip 101 for $1,200 plus sales tax of $84. Sold stereo equipment on credit to Bob Perez; issued Sales Slip 102 for $1,400 plus sales tax of $98. Sold a microwave oven on credit to Bobbi Huber; issued Sales Slip 103 for $250 plus sales tax of $17.50. Accepted return of defective stereo equipment from Bob Perez; issued Credit Memorandum 101 for $100 plus sales tax of $7. The stereo equipment was sold on September 3. Recorded cash sales for the period from September 1 to September 15 of $9,400 plus sales tax of $658. Sold a gas dryer on credit to Katie Kilgore; issued Sales Slip 104 for $600 plus sales tax of $42. Sold a home entertainment system on credit to James Washington; issued Sales Slip 105 for $1,300 plus sales tax of $91. Received $784 from Cindy Chin on account. Received payment in full from Bob Perez for the sale of September 3, less the return of September 12.