Question
Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent
Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are 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 $2,600 plus sales tax of $182. | |
3 | Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70. | ||
7 | Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $400 plus sales tax of $28. | ||
12 | Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $100 plus sales tax of $7. The stereo equipment was sold on September 3. | ||
15 | Recorded cash sales for the period from September 1 to September 15 of $9,600 plus sales tax of $672. | ||
16 | Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $700 plus sales tax of $49. | ||
17 | Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $1,600 plus sales tax of $112. | ||
18 | Received $720 from Candy Cho on account. | ||
20 | Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12. | ||
25 | Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $100 plus sales tax of $7 | ||
27 | Received payment in full from Bridgette Huffman for the sale of September 7 | ||
29 | Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $500 plus sales tax of $35. | ||
30 | Recorded cash sales for the period from September 16 to September 30 of $11,300 plus sales tax of $791. |
I need help with this problem.
Thanks in advance!
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