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Exceptional Electronics began operations September 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent

Exceptional Electronics began operations September 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. The terms for all sales on credit are net 30. During September, Exceptional Electronics engaged in the following transactions. DATE 20x1 Sept. 1 3 7 12 15 16 17 18 20 25 27 29 30 TRANSACTIONS Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $2,300 plus sales tax of $161. Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70. Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $200 plus sales tax of $14. 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. Recorded cash sales for the period from September 1 to September 15 of $10,700 plus sales tax of $749. Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $500 plus sales tax of $35. Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,300 plus sales tax of $161. Received $690 from Candy Cho on account. Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12. 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 $300 plus sales tax of $21 Received payment in full from Bridgette Huffman for the sale of September 7. Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $600 plus sales tax of $42. Recorded cash sales for the period from September 16 to September 30 of $11,000 plus sales tax of $770. GENERAL LEDGER ACCOUNTS 101 Cash 111 Accounts Receivable 221 Sales Tax Payable 401 Sales 421 Sales Returns and Allowances ACCOUNTS RECEIVABLE LEDGER ACCOUNTS Candy Cho Bridgette Huffman Jim Peterson Kathy Sundstrand ACCOUNTS RECEIVABLE LEDGER ACCOUNTS Candy Cho Bridgette Huffman Mark Navalta Jim Peterson Kathy Sundstrand Required: 2. Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger. 3. Prepare a schedule of accounts receivable. Analyze: What is the amount of sales tax owed at September 30, 20X1? Complete this question by entering your answers in the tabs below. General Ledgers Schedule of 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 Date Debit Credit Account No. 101 Balance Accounts Receivable Account No. 111 Date Debit Credit Balance Date GENERAL LEDGER Cash Account No. 101 Debit Credit Balance Accounts Receivable Date Account No. 111 Debit Credit Balance Sales Tax Payable Date Account No. 221 Sales Account No. 401 Debit Credit Balance Date Debit Credit Balance Sales Tax Payable Date Account No. 221 Sales Account No. 401 Debit Credit Balance Date Debit Credit Balance Sales Returns and Allowances Date Account No. 421 Debit Credit Balance Date Date Candy Cho Mark Navalta Kathy Sundstrand Date ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Debit Credit Balance Bridgette Huffman Date Debit Credit Balance Jim Peterson Debit Credit Balance Date Debit Credit Balance Debit Credit Balance

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