Sports Junction began operations March $1,20$X$1.$ The firm sells its merchandise for cash; on open account; to customers using bank credit cards, such as MasterCard and Visa; and to customers using American Express. Merchandise sales are subject to an $8$ percent sales tax. The bank credit cards charge a $3$ percent fee. American Express charges a $4$ percent fee. During March, Sports Junction engaged in the following transactions:

DATE TRANSACTIONS

$201$

March $1$ Sold merchandise on credit to Mitch Edwards; issued Sales Slip $101$ for $$800$ plus sales tax of $$64.$

$3$ Sold merchandise on credit to Miriam Abboud; issued Sales Slip $102$ for $$375$ plus sales tax of $$30.$

$8$ Accepted a return of merchandise from Mitch Edwards; the merchandise was originally sold on Sales Slip $101$ of March $1$; issued Credit Memorandum $1$ for $$135,$ which included sales tax of $$10.$

$10$ Received payment from Mitch Edwards in payment of his balance owed for merchandise sold on March $1,$ less the return of merchandise on March $8.$

$12$ Sold merchandise on credit to Ann Ho; issued Sales Slip $103$ for $$525$ plus sales tax of $$42.$

$15$ Recorded cash sales for the period from March $1$ to March $15$ of $$5,000$ plus sales tax of $$400.$

$15$ Recorded sales for the period from March $1$ to March $15$ to customers using bank credit cards of $$7,000$ plus sales tax of $$560.($Record the $3$ percent credit card expense at this time.$)$

$25$ Sold merchandise on credit to Frank Canzetti; issued Sales Slip $104$ for $$300$ plus sales tax of $$24.$

$26$ Sold merchandise to customers using American Express for $$3,000$ plus sales tax of $$240.$

$28$ Received a check from Ann Ho of $$167$ to apply toward her account.

$31$ Recorded cash sales for the period from March $16$ to March $31$ of $$5,500$ plus sales tax of $$440.$

$31$ Received payment from American Express for the amount billed on March $26,$ less a $4$ percent fee.

$31$ Recorded sales for the period from March $16$ to March $31$ to customers using bank credit cards of $$6,250$ plus sales tax of $$500.($Record the $3$ percent credit card expense at this time.$)$

Required:

$2.$ Record the transactions in a general journal.

$3.$ Post the entries from the general journal to the appropriate account in the general ledger and in the accounts receivable ledger.

$4.$ Prepare a schedule of accounts receivable.

GENERAL LEDGER ACCOUNTS

$111$ Accounts Receivable

Prey

$1$ of $1$

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