Superior Appliances is a retail store that sells household appliances. Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales for July are listed below, along with the general ledger accounts used to record these sales. The balance shown for Accounts Receivable is for the beginning of the month. DATE TRANSACTIONS July 1 Sold a dishwasher to John Martinez; issued Sales Slip 501 for $875 plus sales tax of $70. 6 Sold a washer to Helen Thai; issued Sales Slip 502 for $2,150 plus sales tax of $172. 11 Sold a high-definition television set to Richard Jones; issued Sales Slip 503 for $2,325 plus sales tax of $186. 17 Sold an electric dryer to Mary Schneider; issued Sales Slip 504 for $1,000 plus sales tax of $80. 23 Sold a trash compactor to Victoria Caramello; issued Sales Slip 505 for $625 plus sales tax of $50. 27 Sold a home entertainment system to Jeff Budd; issued Sales Slip 506 for $1,450 plus sales tax of $116. 29 Sold an electric range to Michelle Ly; issued Sales Slip 507 for $1,175 plus sales tax of $94. 31 Sold a double oven to Peter McVay; issued Sales Slip 508 for $350 plus sales tax of $28. GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $29,000 Dr. 231 Sales Tax Payable 401 Sales Required: 1. Open the general ledger accounts and enter the balance of Accounts Receivable for July 1. 2. Record the transactions in a sales journal. 3. Total, prove, and rule the sales journal as of July 31. 4. Post the column totals from the sales journal to the proper general ledger accounts. Analyze: What percentage of credit sales were for entertainment items? Sales Journal Ledger Accounts Analyze Prepare a sales journal to record the above transactions. SALES JOURNAL Accounts Customer's Name Receivable Debit Date Sales Slip No. Sales Tax Payable Credit Sales Credit July 31, 20X1 Totals Sales Journal Ledger Accounts Analyze Post the opening balances and column totals from the sales journal into the appropriate general ledger accounts for July 1. Accounts Receivable Date Debit July 1, 20X1 Account No: 111 Credit Balance Sales Tax Payable Date Debit Account No: 231 Credit Balance Sales Account No: 401 Credit Balance Date Debit What percentage of credit sales were for entertainment items? (Round your answer to 2 decimal places.) Credit sales for entertainment items %
