Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bernice Ruel operates Leather Unlimited, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of March, the following

Bernice Ruel operates Leather Unlimited, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of March, the following transactions occurred. The applicable sales tax rate is 6%.

Mar. 2Sold merchandise on account to Emma Sommers, $250.00, plus sales tax.

9 Sold merchandise on account to Shelly Feinstein, $470.00, plus sales tax.

12Emma Sommers returned $40.00 worth of merchandise purchased on March 2 for credit.

18Sold merchandise on account to Maureen Hodge, $110.00, plus sales tax.

19Sold merchandise on account to Frank MacDonald, $165.00, plus sales tax.

22Received payment from Emma Sommers on account.

26Maureen Hodge was given an allowance of $30.00 when she reported damage in the merchandise purchased on March 18.

28Sold merchandise on account to Emma Sommers, $500.00, plus sales tax.

29Sold merchandise on account to Shelly Feinstein, $230.00, plus sales tax.

31Received payment from Maureen Hodge on account.

31Cash sales for the month were $2,600, plus sales tax.

Required:

1.Enter the above transactions in the general journal. If an amount box does not require an entry, leave it blank. When required, enter amounts in dollars and cents.

My Question is how do you enter these into journal?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost-Benefit Analysis For Public Sector Decision Makers

Authors: Diana Fuguitt

1st Edition

1567202225, 9781567202229

More Books

Students also viewed these Accounting questions

Question

7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago