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Required: Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. The company
Required: Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. The company uses the perpetual inventory system. DATE TRANSACTIONS 20X1 April 2 Sold merchandise for cash, $2,500 plus sales tax. The cost of merchandise sold was $1,500. 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $150. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30. The cost of the merchandise sold was $630. 6 Accepted return of merchandise from Jordan
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