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
ACCOUNTS RECEIVABLE LEDGER ACCOUNTS
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