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Exercise 7.4 (Static) Recording sales made for cash and on account, with 9 percent sales tax, and sales returns. LO 7-1 Fashion Park must charge
Exercise 7.4 (Static) Recording sales made for cash and on account, with 9 percent sales tax, and sales returns. LO 7-1 Fashion Park must charge 9 percent sales tax on all sales. DATE TRANSACTIONS April 2, 201 Sold merchandise for cash, $4,000 plus sales tax. April 3, 201 The customer purchasing merchandise for cash on April 2 returned $1,000 of the merchandise; provided a cash refund to the customer. April 4, 201 Sold merchandise on credit to Lynn Bui; issued Sales slip 908 for $800 plus tax, terms n/30. April 6, 201 Accepted return of damaged merchandise from Lynn Bui; issued Credit Memorandum 302 for $200 plus tax. The original sale was made on Sales Slip 908 of April 4. April 30, 20x1 Received payment on account from Lynn Bui in payment of her purchase of April 4, less the return on April 6. Required: Record the above transactions of Fashion Park in a general journal
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