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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 $3,300 plus sales tax of $231.
3 Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $900 plus sales tax of $63.
7 Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $300 plus sales tax of $21.
12 Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3.
15 Recorded cash sales for the period from September 1 to September 15 of $8,900 plus sales tax of $623.
16 Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $600 plus sales tax of $42.
17 Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,300 plus sales tax of $161.
18 Received $790 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 $200 plus sales tax of $14.
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 $400 plus sales tax of $28.
30

Recorded cash sales for the period from September 16 to September 30 of $12,000 plus sales tax of $840.

GENERAL LEDGER ACCOUNT

101 Cash 401 Sales
111 Accounts Receivable 421 Sales Returns and Allowances
221 Sales Tax Payable

ACCOUNTS RECEIVABLE LEDGER ACCOUNTS

Candy Cho Jim Peterson
Bridgette Huffman Kathy Sundstrand

Mark Navalta

Required:

Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger.

Prepare a schedule of accounts receivable.

Analyze: What is the amount of sales tax owed at September 30, 2019?

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Required: 2. Post the entries from the general journal into the approprlate accounts in the general ledger and in the accounts receivable leder 3. Prepare a schedule of accounts receivable. Analyze: What is the amount of sales tax owed at September 30, 2019? Complete this question by entering your answers in the tabs below. Schedule of General Ledgers AR Analyze Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger. GENERAL LEDGER Cash Account No. 101 Accounts Receivable Account No. 111 Date Debit Credit Balance Date Debit Credit Balance Prey 1 of 2 Next >

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