Problem 7.2A Journalizing, posting, and reporting sales transactions. LO 7-1, 7-2, 7-4 Towncenter Furniture specializes in modern living room and dining room furniture. Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales and sales returns and allowances for February 2019 are reflected below, along with the general ledger accounts used to record these transactions. The balances shown are for the beginning of the month. DATE TRANSACTIONS Feb 1 sold a living room sofa to Sun Yoo; issued Sales Slip 1615 for $4,790 plus sales tax of $383.20. 5 Sold three recliners to Jacqueline Moore; issued Sales Slip 1616 for $2,350 plus sales tax of $188. 9 Sold a dining room set to Hazel Tran; issued Sales Slip 1617 for $6,550 plus sales tax of $524. 11 Accepted a return of one damaged recliner from Jacqueline Moore that was originally sold on Sales Slip 1616 of February 5; issued Credit Memorandum 702 for $1,026, which includes sales tax of $76.00. 17 Sold living room tables and bookcases to Ann Brown; issued Sales Slip 1618 for $9,550 plus sales tax of $764. 23 Sold eight dining room chairs to Domingo Salas; issued Sales Slip 1619 for $3,650 plus sales tax of $292. 25 Gave Ann Brown an allowance for scratches on her bookcases; issued Credit Memorandum 703 for $702, which includes sales tax of $52; the bookcases were originally sold on Sales Slip 1618 of February 17. 27 Sold a living room sofa and four chairs to Jose Saucedo; issued Sales Slip 1620 for $4,225 plus sales tax of $338. 28 Sold a dining room table to Mimi Yuki; issued Sales Slip 1621 for $2,050 plus sales tax of $164. 28 Sold a living room modular wall unit to Alan Baker; issued Sales Slip 1622 for $3,900 plus sales tax of $312. GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $16,636 Dr. 231 Sales Tax Payable, $7,270 Cr. 401 Sales 451 Sales Returns and Allowances Required: 1. Open the general ledger accounts and enter the balances for February 1. 2. Record the transactions in a sales journal and in a general journal. 3. Post the entries from the general journal to the general ledger. 4. Total, prove, and rule the sales journal as of February 28. 5. Post the column totals from the sales journal. 6. Prepare the heading and the Revenue section of the firm's income statement for the month ended February 28, 2019 Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? Complete this question by entering your answers in the tabs below. Ledger Accounts Sales Journal General Journal Income Statement Analyze Post the opening balances, column totals from the sales journal, and other transactions into the appropriate ledger accounts.(Round your answers to 2 decimal places.) Accounts Receivable Date Debit Feb. 1, 2019 Account No: 111 Credit Balance Sales Tax Payable Date Debit Feb. 1. 2019 Account No: 231 Credit Balance Sales Account No: 401 Credit Balance Sales Returns and Allowances Date Debit Account No: 451 Credit Balance Date Debit Ledger Accounts Sales Journal > Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? Complete this question by entering your answers in the tabs below. Ledger Accounts Sales Journal General Journal Income Statement Analyze Prepare a sales journal to record the above transactions. (Round your answers to 2 decimal places.) SALES JOURNAL Accounts Customer's Name Receivable Debit Date Sales Slip No. Sales Tax Payable Credit Sales Credit Feb. 28 Totals $ 0.00 $ 0.00 $ 0.00 Ledger Accounts Sales Journal General Journal Income Statement Analyze Prepare general journal entries as needed. wed View transaction list Journal entry worksheet L ok Record the first entry required in the general journal. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Ledger Accounts Sales Journal General Journal Income Statement Analyze Prepare general journal entries as needed. TI View transaction list Journal entry worksheet Record the second entry required in the general journal. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal 401 451 Sales Sales Returns and Allowances ts Required: 1. Open the general ledger accounts and enter the balances for February 1. 2. Record the transactions in a sales journal and in a general journal. 3. Post the entries from the general journal to the general ledger. 4. Total, prove, and rule the sales journal as of February 28. 5. Post the column totals from the sales journal. 6. Prepare the heading and the Revenue section of the firm's income statement for the month ended February 28, 2019. kipped eBook Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? Print Complete this question by entering your answers in the tabs below. Ledger Accounts Sales Journal General Journal Income Statement Analyze Prepare a revenue section of the income statement for the month ended February 28, 2019. TOWNCENTER FURNITURE Income Statement (Partial) Month Ended February 28, 2019 Revenue Net sales 111 231 401 451 Accounts Receivable, $16,636 Dr. Sales Tax Payable, $7,270 Cr. Sales Sales Returns and Allowances Required: 1. Open the general ledger accounts and enter the balances for February 1. 2. Record the transactions in a sales journal and in a general journal. 3. Post the entries from the general journal to the general ledger. 4. Total, prove, and rule the sales journal as of February 28. 5. Post the column totals from the sales journal. 6. Prepare the heading and the Revenue section of the firm's income statement for the month ended February 28, 2019. Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? Complete this question by entering your answers in the tabs below. Ledger Accounts Sales Journal General Journal Income Statement Analyze Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? (Hint: Sales tax returns are filed and paid to the state quarterly.) Net sales Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? Complete this question by entering your answers in the tabs below. Ledger Accounts Sales Journal General Journal Income Statement Analyze Prepare a sales journal to record the above transactions. (Round your answers to 2 decimal places.) SALES JOURNAL Accounts Customer's Name Receivable Debit Date Sales Slip No. Sales Tax Payable Credit Sales Credit Feb. 28 Totals $ 0.00 $ 0.00 $ 0.00 Ledger Accounts Sales Journal General Journal Income Statement Analyze Prepare general journal entries as needed. wed View transaction list Journal entry worksheet L ok Record the first entry required in the general journal. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Ledger Accounts Sales Journal General Journal Income Statement Analyze Prepare general journal entries as needed. TI View transaction list Journal entry worksheet Record the second entry required in the general journal. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal 401 451 Sales Sales Returns and Allowances ts Required: 1. Open the general ledger accounts and enter the balances for February 1. 2. Record the transactions in a sales journal and in a general journal. 3. Post the entries from the general journal to the general ledger. 4. Total, prove, and rule the sales journal as of February 28. 5. Post the column totals from the sales journal. 6. Prepare the heading and the Revenue section of the firm's income statement for the month ended February 28, 2019. kipped eBook Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? Print Complete this question by entering your answers in the tabs below. Ledger Accounts Sales Journal General Journal Income Statement Analyze Prepare a revenue section of the income statement for the month ended February 28, 2019. TOWNCENTER FURNITURE Income Statement (Partial) Month Ended February 28, 2019 Revenue Net sales 111 231 401 451 Accounts Receivable, $16,636 Dr. Sales Tax Payable, $7,270 Cr. Sales Sales Returns and Allowances Required: 1. Open the general ledger accounts and enter the balances for February 1. 2. Record the transactions in a sales journal and in a general journal. 3. Post the entries from the general journal to the general ledger. 4. Total, prove, and rule the sales journal as of February 28. 5. Post the column totals from the sales journal. 6. Prepare the heading and the Revenue section of the firm's income statement for the month ended February 28, 2019. Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? Complete this question by entering your answers in the tabs below. Ledger Accounts Sales Journal General Journal Income Statement Analyze Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? (Hint: Sales tax returns are filed and paid to the state quarterly.) Net sales