Question
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 6 percent sales tax on all sales. The company uses
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 6 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.)
DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,570 plus sales tax. The cost of merchandise sold was $1,570. 3 The customer purchasing merchandise for cash on April 2 returned $285 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $185. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,120 plus tax, terms n/30. The cost of the merchandise sold was $1,120. 6 Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $185 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $160. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.
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