Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can u check and correct my answers? Exceptional Electronics began operations September 1, 2019. The firm sells ts merchandise for cash and on open account

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Can u check and correct my answers?

Exceptional Electronics began operations September 1, 2019. The firm sells ts merchandise for cash and on open account Sa subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions. DATE TRANSACTIONS 2019 Sept. 1 Sold a high-definition television set on credit to Candy Cho: issued Sales Slip 101 for $2,100 plus sales tax of $147. Sold stereo equipment on credit to Jim Peters Slip 102 tor $900 plus sales tax of $63 3 on: issued Sales a microwave oven on credit to Bridgette Huffman: issued Sales Slip 103 for $300 plus sales tax or $21 cepted return of defeative arereo equipment from Jin Peterson: issued Credit Memorandum 101 for $200 plu sales tax or sis. The stereo equipment was sold on Septenber 3 ok 15 Recorded cash sales tor the persod from Septenber 1 to Septenber 16 Sold a gas dryer ion credit to Kathy Sundstrand: issued Sales 17 Sold a home f entertaintent system 18Received $670 trom Candy Cho on account 15 of $10, 500 plus sales tax of $735 $1ip 104 for $600 pius sales tax os $42. issued Sales Slip 105 tox $2.100 plus sales tax of $147. ences on credit to Mark Navalta; 20 Received payment in Full EzommPeterson for the sale of 25 Gave Mark Navaita en ailowance because of scratches on his hone 27 Received payment in full fron Bridgecte Huffman tor the sale of 29 Sold a dishwasher on eredie co Mark Navalta: 1ssued Sales Slip 30 Recorded cask sales tor the period From September 16 to Septenber September 3.less the return of Sepcember 12 entertainnent il BYStEm lsold on September 17. Sales slip 105: issued Credit Memorandum 102 $200 plus sales tax of $14 September 106 tor $400 plus sales tax or $29. 30 of $10.800 plus saies tax of $756. GENERAL LEDGER ACCOUNTS 101 Cash 111 Accounts Receivable 221 Sales Tax Payable 401Sales 421 Sales Returns and Allowances ACCOUNTS RECEIVABLE LEDGER ACCOUNTS Jim Peterson Candy Cho Bridgette Huffman Kathy Sundstrand Mark Navalta

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions