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The Appliance Guys is a retail store that sells household appliances. Merchandise sales are subject to an 8 percent sales tax. The firm s credit
The Appliance Guys is a retail store that sells household appliances. Merchandise sales are subject to an percent sales tax. The firms 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.
The Appliance Guys is a retail store that sells household appliances. Merchandise sales are subject to an 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 Sold a dishwasher to John Herrera; issued Sales Slip for $ plus sales tax of $
July Sold a washer to Helen Thai; issued Sales Slip for $ plus sales tax of $
July Sold a highdefinition television set to Rich James; issued Sales Slip for $ plus sales tax of $
July Sold an electric dryer to Mary Schneider; issued Sales Slip for $ plus sales tax of $
July Sold a trash compactor to Vickie Colombo; issued Sales Slip for $ plus sales tax of $
July Sold a home entertainment system to Jeff Budd; issued Sales Slip for $ plus sales tax of $
July Sold an electric range to Nancy Ling; issued Sales Slip for $ plus sales tax of $
July Sold a microwave oven to Rob Stamos; issued Sales Slip for $ plus sales tax of $
GENERAL LEDGER ACCOUNTS
Accounts Receivable, $ Debit
Sales Tax Payable
Sales
Required:
Open the general ledger accounts and enter the balance of Accounts Receivable for July
Record the transactions in a sales journal.
Total and prove the sales journal as of July
Post the column totals from the sales journal to the proper general ledger accounts.
Analyze:
What percentage of credit sales was for entertainment items?
Complete this question by entering your answers in the tabs below.
Prepare a sales journal to record the above transactions.
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