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?

Transcribed Image Text:

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