Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Great Lakes Appliances is a retail store that sells household appliances Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Great Lakes Appliances is a retail store that sells household appliances Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales for July are listed below, along with the general ledger accounts used to record these sales. The balance shown for Accounts Receivable is for the beginning of the month. DATE TRANSACTIONS July 1 Sold a dishwasher to Jin Hernandez; issued Sales Slip 501 for $1,025 plus sales tax of $82 Sold a washer to Helen Thai; issued Sales Slip 502 for $2,300 plus sales tax of $184. 11 Sold a high-definition television set to Rich James; issued Sales Slip 503 for $2,475 plus sales tax of $198 17 Sold an electric dryer to Mary Schneider, issued Sales Slip 504 for $1,150 plus sales tax of $92 23 Sold a trash compactor to Vickie Colombo: issued Sales Slip 505 for $775 plus sales tax of 562 27 Sold a home entertainment system to Jeff Budd; issued Sales Slip 506 for $1,600 plus sales tax of $123 29 Sold an electric range to Michelle Ly: issued Sales Slip 507 for $1.325 plus sales tax of $106. 31 Sold a microwave oven to Pete Moloney: issued Sales Slip 508 for $500 plus sales tax of $40. GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $32,000 Dr. 231 Sales Tax Payable 401 Sales Required: 1. Open the general ledger accounts and enter the balance of Accounts Receivable for July 1. 2. Record the transactions in a soles journal. 3. Total and prove the sales journal as of July 31 4. Post the column totals from the sales journal to the proper general ledger accounts. Analyze: TO Sales Journal Ledger Accounts Analyze Prepare a sales journal to record the above transactions SALES JOURNAL Accounts Customer's Name Receivable Debit Dato Sades Slip No. Sales Tax Payable Credit Sales Credit $ Totals os 0 0 $ July 31, 20X1 Ledger Accounts > Check my won Sales Journal Ledger Accounts Analyze Post the opening balances and column totals from the sales journal into the appropriate general ledger accounts for July 20x1. Accounts Receivable Date Debit July 1, 20x1 Account No: 111 Credit Balance Sales Tax Payable Date Debit Account No: 231 Credit Balance + Sales Account No: 401 Credit Balance Date Debit Analyze: What percentage of credit sales was for entertainment items? Complete this question by entering your answers in the tabs below. Sales Journal Ledger Accounts Analyze What percentage of credit sales was for entertainment items? (Round your answer to 1 decimal place.) Credit sales for entertainment items %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Auditing A Risk Analysis Approach

Authors: Larry F. Konrath

5th Edition

032405789X, 9780324057898

More Books

Students also viewed these Accounting questions

Question

What are all the ways you count or measure customer complaints?

Answered: 1 week ago

Question

Do your staff and customers know these examples?

Answered: 1 week ago