Problem 7.1A (Algo) Recording sales and cash receipts for a retail store. LO 7-1, 7-4

The Appliance Store began operations March 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. The terms for all sales on credit are net 30. During March, The Appliance Store engaged in the following transactions:

DATE	TRANSACTIONS
20X1
March	1	Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for $550 plus sales tax of $33.
	4	Sold merchandise on credit to Castor Phan; issued Sales Slip 102 for $900 plus sales tax of $54.
	12	Sold merchandise on credit to Chris Hughes; issued Sales Slip 103 for $1,150 plus sales tax of $69.
	15	Recorded cash sales for the period from March 1 to March 15 of $7,200 plus sales tax of $432.
	25	Sold merchandise on credit to Brian Cooley; issued Sales Slip 104 for $850 plus sales tax of $51.
	28	Received a check from Castor Phan of $180 to apply toward his account.
	31	Recorded cash sales for the period from March 16 to March 31 of $4,100 plus sales tax of $246.
	31	Received payment in full from Dave Allen for the sale of March 1.

Required:

1. Record the transactions in a general journal.
2. Post the entries from the general journal to the appropriate general ledger accounts.

GENERAL LEDGER ACCOUNTS
101	Cash	221	Sales Tax Payable
111	Accounts Receivable	401	Sales

Analyze: What were the total cash receipts during March?