Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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!

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

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