Chapter 7 Homework Seved Help Save & E Check 4. Towncenter Furniture specializes in modern living room and dining room furniture. Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales and sales returns and allowances for February 20X1 are reflected below, along with the general ledger accounts used to record these transactions. The balances shown are for the beginning of the month. ints Book DATE TRANSACTIONS Feb. 1 Sold a living room sota to Sun Yoo losed sales slip 1615 for $4,615 plus sales tax of $369.20. S sold three recliners to Jacqueline Moore issued Sales Slip 1616 for $2,175 plus sales tax of $174. 9 Sold a dining room set to Hazel Tran issued Sales slip 1617 for $6,375 plus sales tax of $510. 11 Accepted a return of one damaged recliner from Jacqueline Moore that was originally sold on Sales Slip 1616 of February 5; issued Credit Memorandun 702 for $837, which includes sales tax of $62. 17 Sold living room tables and bookcases to Ann Brown issued Sales Slip 1618 for $9,375 plus sales tax of $750. 23 Sold eight dining room chairs to Domingo Salas inued Sales Slip 1619 for $3,475 plus sales tax of $278. 25 Gave Ann Brown an allowance for scratches on her bookcases; issued Credit Memorandum 703 for $513, which Includes sales tax of $38; the bookcases were originally sold on Sales slip 1618 of February 17. 27 Sold a living room sofa and four chairs to Jon Saucedo; conued Sales Slip 1620 for $4,050 plus sales tax of S324. 28 sold a dining room table to Mimi Yuki issued Sales slip 1621 for $1,875 plus sales tax of $150. 28 sold a living room modular wall unit to Alan Bakery issued Sales Slip 1622 for $3,725 plus sales tax of $298. Print erences GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $15,936 Dr. 231 Sales Tax Payable, $7,200 Cr. 401 Sales 451 Sales Returns and allowances Required: 1. Open the general ledger accounts and enter the balances for February 1. 2. Record the transactions in a sales journal and in a general journal. 3. Post the entries from the general Journal to the general ledger 4. Total, prove, and rule the sales journal as of February 28. 5. Post the column totals from the sales journal. 6. Prepare the heading and the Revenue section of the firm's income statement for the month ended February 28, 20X1. Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? (Hint: Sales tax returns are filed and paid to the state quarterly.) Chapter 7 Homework Seved Help Save & E Check 4. Towncenter Furniture specializes in modern living room and dining room furniture. Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales and sales returns and allowances for February 20X1 are reflected below, along with the general ledger accounts used to record these transactions. The balances shown are for the beginning of the month. ints Book DATE TRANSACTIONS Feb. 1 Sold a living room sota to Sun Yoo losed sales slip 1615 for $4,615 plus sales tax of $369.20. S sold three recliners to Jacqueline Moore issued Sales Slip 1616 for $2,175 plus sales tax of $174. 9 Sold a dining room set to Hazel Tran issued Sales slip 1617 for $6,375 plus sales tax of $510. 11 Accepted a return of one damaged recliner from Jacqueline Moore that was originally sold on Sales Slip 1616 of February 5; issued Credit Memorandun 702 for $837, which includes sales tax of $62. 17 Sold living room tables and bookcases to Ann Brown issued Sales Slip 1618 for $9,375 plus sales tax of $750. 23 Sold eight dining room chairs to Domingo Salas inued Sales Slip 1619 for $3,475 plus sales tax of $278. 25 Gave Ann Brown an allowance for scratches on her bookcases; issued Credit Memorandum 703 for $513, which Includes sales tax of $38; the bookcases were originally sold on Sales slip 1618 of February 17. 27 Sold a living room sofa and four chairs to Jon Saucedo; conued Sales Slip 1620 for $4,050 plus sales tax of S324. 28 sold a dining room table to Mimi Yuki issued Sales slip 1621 for $1,875 plus sales tax of $150. 28 sold a living room modular wall unit to Alan Bakery issued Sales Slip 1622 for $3,725 plus sales tax of $298. Print erences GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $15,936 Dr. 231 Sales Tax Payable, $7,200 Cr. 401 Sales 451 Sales Returns and allowances Required: 1. Open the general ledger accounts and enter the balances for February 1. 2. Record the transactions in a sales journal and in a general journal. 3. Post the entries from the general Journal to the general ledger 4. Total, prove, and rule the sales journal as of February 28. 5. Post the column totals from the sales journal. 6. Prepare the heading and the Revenue section of the firm's income statement for the month ended February 28, 20X1. Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? (Hint: Sales tax returns are filed and paid to the state quarterly.)
