Che Problem 7.2A (Static) Recording sales, sales returns, and cash receipts for a retail store. LO 7-1 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: med DATE TRANSACTIONS 20x1 Sept. 1 Bold a high-definition television set on credit to Cindy Chan; ved salon slip 101 for $1,200 plus sales tax of $84. 3 Bold stereo equipment on credit to Bob Pereni sued Sales Blip 102 for $1,400 plus sales tax of $98. 7 Bold a mierowave oven on eredit to Bobbi Huber med salen siip 10) for $250 plus sales tax of $17.50. 12 Recepted return of defective stereo equipment from Bob Peres; issued Credit Memorandum 101 for $100 plus sales tax of 67. The stereo equipment was sold on September 3. 15 Recorded cash sales for the period from September 1 to September 15 of $9,400 plus sales tax of $658. 16 Bold a gas dryer on credit to Katie Kilgore inued alon slip 104 for $600 plus sales tax of $42. 17 Bold a home entertainment system on credit to Jama Mashington ved Balo slip 105 for $1,300 plus sales tax of $91. 18 Received 9784 from Cindy Chin on account. 20 received payment in culi from Bob Perea for the sale of September 3, less the return of September 12. 25 Cave James Washington an allowance because of seratehes on his home entertainment system sold on Weptember 17, Sales Blip 105; inued Credit Memorandum 102 for $100 plus sales tax of 7. 27 received payment in full from Bobbi Haber for the sale of September 7. 29 Bold dishwasher on credit to James Washington Lessed dalen Slip 106 for $800 plus sales tax of $56. 30 Recorded cash sales for the period from September 16 to September 30 of $12,100 plus sales tax of $347. Required: Record the transactions in a general journal. Analyze: What portion of the net sales during September were for entertainment items? Complete this question by entering your answers in the tabs below. Che Problem 7.2A (Static) Recording sales, sales returns, and cash receipts for a retail store. LO 7-1 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: med DATE TRANSACTIONS 20x1 Sept. 1 Bold a high-definition television set on credit to Cindy Chan; ved salon slip 101 for $1,200 plus sales tax of $84. 3 Bold stereo equipment on credit to Bob Pereni sued Sales Blip 102 for $1,400 plus sales tax of $98. 7 Bold a mierowave oven on eredit to Bobbi Huber med salen siip 10) for $250 plus sales tax of $17.50. 12 Recepted return of defective stereo equipment from Bob Peres; issued Credit Memorandum 101 for $100 plus sales tax of 67. The stereo equipment was sold on September 3. 15 Recorded cash sales for the period from September 1 to September 15 of $9,400 plus sales tax of $658. 16 Bold a gas dryer on credit to Katie Kilgore inued alon slip 104 for $600 plus sales tax of $42. 17 Bold a home entertainment system on credit to Jama Mashington ved Balo slip 105 for $1,300 plus sales tax of $91. 18 Received 9784 from Cindy Chin on account. 20 received payment in culi from Bob Perea for the sale of September 3, less the return of September 12. 25 Cave James Washington an allowance because of seratehes on his home entertainment system sold on Weptember 17, Sales Blip 105; inued Credit Memorandum 102 for $100 plus sales tax of 7. 27 received payment in full from Bobbi Haber for the sale of September 7. 29 Bold dishwasher on credit to James Washington Lessed dalen Slip 106 for $800 plus sales tax of $56. 30 Recorded cash sales for the period from September 16 to September 30 of $12,100 plus sales tax of $347. Required: Record the transactions in a general journal. Analyze: What portion of the net sales during September were for entertainment items? Complete this question by entering your answers in the tabs below
