Question
Record the following transactions of Lisas Fashion Boutique in a general journal. Lisa's Fashion Boutique operates in a state with 8% sales tax. (Round your
Record the following transactions of Lisas Fashion Boutique in a general journal. Lisa's Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places):
DATE | TRANSACTIONS | |
2019 | ||
Feb. | 2 | Sold merchandise for cash totaling $3,700 to customers using bank credit cards. Record the 11 percent discount on credit card sales at time of sale. |
15 | Sold merchandise totaling $3,200 to customers using American Express. | |
20 | Received amount due from American Express, less their 12 percent discount, for sales made by customers using American Express on February 15. |
I have show appropriate journal entries for:
FEB2 Sold merchandise for cash totaling $3,700 to customers using bank credit cards. Record the 11 percent discount on credit card sales at time of sale.
I also have show appropriate journal entries for:
FEB 15 - Sold merchandise totaling $3,200 to customers using American Express.
Lastly, I have show appropriate journal entries for:
Received amount due from American Express, less their 12 percent discount, for sales made by customers using American Express on February 15
My options for titling these entries are some of the following: Account Receivable/Amex, Cash, Credit Card Expense,Sales, Sales Discounts, Sales Returns& allowances, Sales Tax Payable, Prepaid rent, Prepaid Insurance, Prepaid Advertising, Interest payable, Interest Expense.
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