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DATE TRANSACTIONS 20x1 Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $3,100, with a 30 percent trade discount.
DATE TRANSACTIONS 20x1 Feb. 1 Sold crystal goods to Lovely Kitchens, a wholesale customer. The list price is $3,100, with a 30 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5950 with terms of n/15. 15 Recorded cash sales for the period from February 1 to February 15 of $7,600 plus sales tax of $608. 15 Recorded sales for the period from February 1 to February 15 to customers using bank credit cards of $11,100 plus sales tax of $888. (Record the 1 percent credit card expense at this time.) 16 Received a check from Lovely Kitchens in payment of Invoice 5950 dated February 1. 16 Sold merchandise to customers using American Express for $7,100 plus sales tax of $568. 17 Sold a set of Roman statues to Beautiful Bedrooms, a wholesale customer. The list price is $7,100, with a 20 percent trade discount. This sale is not subject to sales tax. Issued Invoice 5951 with terms of n/15. 20 Received payment from American Express for the amount billed on February 16, less a 2 percent credit card expense. 27 Received a check from Beautiful Bedrooms in payment of Invoice 5951 dated February 17. 28 Recorded cash sales for the period from February 16 to February 28 of $6,800 plus sales tax of $544. 28 Recorded sales for the period from February 16 to February 28 to customers using bank credit cards of $15,000 plus sales tax of $1,200. (Recor the 1 percent credit card expense at this time.) 28 Sold merchandise to customers using American Express for $8,300 plus sales tax of $664. No Date Debit Credit 1 Feb 1, 20X1 Account Title Accounts receivable/Lovely Kitchens Sales 2,170.00 2,170.00 2 Feb 15, 20X1 Cash 8,208.00 Sales Sales tax payable 7,600.00 608.00 3 Feb 15, 20X1 Credit card expense 119.88 Cash Sales tax payable Sales 0.00 X 888.00 11,100.00 os 4 Feb 16, 20X1 Cash Accounts receivable/Lovely Kitchens 5 Feb 16, 20X1 Accounts receivable/American Express Sales Sales tax payable 6 Feb 17, 20X1 Accounts receivable/Beautiful Bedrooms OOO OOOOOOOOOOOOOOOOOOOOOOOOOO Sales 7 Feb 20, 20X1 Cash Credit card expense Accounts receivable/American Express 8 Feb 27, 20X1 Cash Accounts receivable/Beautiful Bedrooms 9 Feb 28, 20X1 Cash Sales 10 10 Feb 28, 20X1 Credit card expense Cash Sales tax payable 11 Feb 28, 20X1 Accounts receivable/American Express Sales Sales tax payable
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