Question
Required: Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 6 percent sales tax on all sales. The company
Required: 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 | ||
20X1 | |||
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 $665. | ||
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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1.- Sold merchandise for cash, $2,570 plus sales tax.
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2- The cost of merchandise sold was $1,570.
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3- The customer purchasing merchandise for cash on April 2 returned $285 of the merchandise; provided a cash refund to the customer.
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4- The cost of returned merchandise was $185.
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5- Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,120 plus tax, terms n/30.
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6- The cost of the merchandise sold was $665.
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7- 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.
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8- The cost of returned merchandise was $160.
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9- 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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