Question
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
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. |
PLease help
DATE | TRANSACTIONS | ||
Nov. | 1 | Sold china to Pauline Judge; issued Sales Slip 1001 for $1,750 plus $140 sales tax. | |
5 | Sold a brass serving tray to Janet Hutchison; issued Sales Slip 1002 for $2,350 plus $188 sales tax. | ||
6 | Sold a vase to Charles Brown; issued Sales Slip 1003 for $950 plus $76 sales tax. | ||
10 | Sold a punch bowl and glasses to Lisa Morgan; issued Sales Slip 1004 for $1,950 plus $156 sales tax. | ||
14 | Sold a set of serving bowls to Dorothy Watts; issued Sales Slip 1005 for $800 plus $64 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; issued Credit Memorandum 102 for $162.00, which includes sales tax of $12. | ||
21 | Sold a coffee table to Teresa Yu; issued Sales Slip 1006 for $3,450 plus $276 sales tax. | ||
24 | Sold sterling silver teaspoons to Henry Okafor; issued Sales Slip 1007 for $850 plus $68 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. | ||
30 | Sold a clock to Elaine Brock; issued Sales Slip 1008 for $4,050 plus $324 sales tax. |
1.1 | Prepare asalesjournal to record the above transactions. |
1.2 | Prepare general journal entries as needed. |
2. | Post the sales return transactions and column totals from the sales journal into the General ledger accounts. Then, post each transaction individually to accounts receivable subsidiary ledger accounts. |
4. | Prepare a schedule of accounts receivable. |
Analyze: | ||||||||
Which customer has the highest balance owed at November 30, 2016? | ||||||||
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