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The Appliance Store began operations March 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 6
The Appliance Store began operations March 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. During March, The Appliance Store engaged in the following transactions DATE 2019 TRANSACTIONS March 1 Sold merchandise on credit to Dave Allen: issued Sales slip 101 for $500 plus sales tax of $30 $950 plus sales tax of $57. for $1, 050 plus sales tax of $63 $6, 500 plus sales tax of $390. for $900 plus sales tax of $54 4 Sold merchandise on credit to Castor Phan: issued Sales Slip 102 for 12 Sold merchandise on credit to Chris Hughes: issued Sales Slip 103 15 Recorded cash sales for the period from March 1 to March 15 of 25 Sold merchandise on credit to Brian Cooley: issued Sales Slip 104 28 Received a check from Castor Phan of $230 to apply toward his account. 31 Recorded cash sales for the period from March 16 to March 31 of S3,400 plus sales tax of $204. 31 Received payment in full from Dave Allen for the sale of March 1. Required 1. Record the transactions in a general journal 2. Post the entries from the general journal to the appropriate general ledger accounts GENERAL LEDGER ACCOUNTS 101 Cash 111 Accounts Receivable 221 Sales Tax Pavable 401 Sales Analyze What were the total cash receipts during March
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