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 2019. DATE TRANSACTIONS Nov 1 Sold china to Pauline Judge; issued Sales Slip 1001 for $1,400 plus $112 sales tax. 5 Sold a brass serving tray to Janet Hutchison; issued Sales Slip 1002 for $2,000 plus $160 sales tax. 6 Sold a vase to Charles Brown; issued Sales Slip 1003 for $600 plus $48 sales tax. 10 Sold a punch bowl and glasses to Lisa Morgan; issued Sales Slip 1004 for $1,600 plus $128 sales tax. 14 Sold a set of serving bowls to Dorothy Watts; issued Sales Slip 1005 for $450 plus $36 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 $169, which includes sales tax of $13. 21 Sold a coffee table to Teresa Yu; issued Sales Slip 1006 for $3,100 plus $248 sales tax. 24 Sold sterling silver teaspoons to Henry Okafor; issued Sales Slip 1007 for $500 plus $40 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 $385, which includes $29 in sales tax. 30 Sold a clock to Elaine Brock; issued Sales Slip 1008 for $3,700 plus $296 sales tax. Required: Record the transactions for November in the proper journal. Post to the accounts receivable ledger. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule. Analyze: Which customer has the highest balance owed at November 30, 2019?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started