Question
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 7 percent sales tax on all sales. The company
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 7 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.) Transaction Sold merchandise for cash, $2,640 plus sales tax. The cost of merchandise sold was $1,640. The customer purchasing merchandise for cash on April 2 returned $320 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $220. Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,190 plus tax, terms n/30. The cost of the merchandise sold was $1,190. Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $220 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $230. 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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