The Elegant Table sells china, glassware, and other gift items that are subject to an 8 percent sales tax. The transactions shown below took place during November 2016. tax. DATE TRANSACTIONS Noy Sold china to Pauline Judge; issued Sales Slip 1001 for $1,275 plus $102 sales tax 5 Sold a brass serving tray to Janet Hutchison; issued Sales Slip 1002 for $1,875 plus $150 sales tax. 6 Sold a vase to Charles Brown; issued Sales Slip 1003 for $475 plus $38 sales 10 Sold a punch bowl and glasses to Lisa Morgan; issued Sales Slip 1004 for $1,475 plus $118 sales tax. 14 Sold a set of serving bowls to Dorothy Watts, issued Sales Slip 1005 for $325 plus $26 sales tax. 17 Gave Lisa Morgan an allowance because of a broken glass discovered when unpacking the punch bowl and glasses sold on November 10, Sales Slip 1004; redit Memorandum 102 for $162.00, which includes sales tax of $12. 24 Sold a coffee table to Teresa Yu; issued Sales Slip 1006 for $2.975 plus $238 2 sales tax. 24 Sold sterling silver teaspoons to Henry Okafor, issued Sales Slip 1007 for $375 plus $30 sales tax. 25 Gave Teresa Yu an allowance for scratches on her coffee table sold on November 21, Sales Slip 1006, issued Credit Memorandum 103 for $378, which includes $28 in sales tax. Sold a clock to Elaine Brock; issued Sales Slip 1008 for $3,575 plus $286 sales tax. 1.1 Prepare a sales journal to record the above transactions. SALES JOURNAL Accounts Customer's Name Receivable Debit Sales Slip No. Date Sales Tax Payable Credit Sales Credit Nov 30 Totals 1.2 Prepare general journal entries as needed. View transaction list Journal entry worksheet Record the first entry required in the general journal. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 2 & 3. Post the sales return transactions and column totals from the sales journal into the General ledger accounts, and post each transaction individually to accounts receivable subsidiary ledger accounts GENERAL LEDGER Accounts Receivable Account No: 111 Date Debit Credit Balance Sales Tax Payable Date Debit Account No: 231 Credit Balance Sales Account No: 401 Credit Balance Date Sales Retums and Allowances Date Debit Account No: 451 Credit Balance Debit + ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Elaine Brock Terms: n/30 Date Debit Credit Balance Charles Brown Date Debit Terms: n/30 Credit Balance ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Elaine Brock Terms: n/30 Date Debit Credit Balance Charles Brown Date Debit Terms: n/30 Credit Balance Janet Hutchison Date Debit Terms: n/30 Credit Balance Pauline Judge Date Debit Terms: n/30 Credit Balance Lisa Morgan Date Terms: n/30 Credit Balance Henry Okafor Date Debit Terms: n/30 Credit Balance Debit Dorothy Watts Date Debit Terms: 30 Credit Balance Teresa Yu T Terms 10 Croite Balance Dobile 1. Prepare a schedule of accounts receivable. THE ELEGANT TABLE Schedule of Accounts Receivable November 30, 2016 Total Analyze: Which customer has the highest balance owed at November 30, 2016? O Dorothy Watts O Teresa Yu O Janet Hutchison Elaine Brock O Pauline Judge O Lisa Morgan O Charles Brown O Henry Okafor
