Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Elegant Table sells china, glassware, and other gift items that are subject to an 8 percent sales tax. The shop uses a general journal

image text in transcribedimage text in transcribed

The Elegant Table sells china, glassware, and other gift items that are subject to an 8 percent sales tax. The shop uses a general journal and a sales journal similar to those illustrated in this chapter. All customers have payment terms of n/30. DATE TRANSACTIONS Nov. 1 Sold china to Pauline Judge; issued Sales Slip 1001 for $1,475 plus $118 sales tax. 5 Sold a brass serving tray to Janet Hutchison; issued Sales Slip 1002 for $2,075 plus $166 sales tax. 6 Sold a vase to Charles Brown; issued Sales Slip 1003 for $675 plus $54 sales tax. 10 Sold a punch bowl and glasses to Lisa Morgan; issued Sales Slip 1004 for $1,675 plus $134 sales tax. 14 Sold a set of serving bowls to Dorothy Watts; issued Sales Slip 1005 for $525 plus $42 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. $166, which includes sales tax of $13. 21 Sold a coffee table to Teresa Yu; issued Sales Slip 1006 for $3,175 plus $254 sales tax. 24 Sold sterling silver teaspoons to Henry Okafor; issued Sales Slip 1007 for $575 plus $46 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 $381, which includes $29 in sales tax. 30 Sold a clock to Elaine Brock; issued Sales Slip 1008 for $3,775 plus $302 sales tax. Required: 1. Record the transactions for November in the proper journal. 2. Post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month. 4. 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 ? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare a sales journal to record the above transactions

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Managerial Accounting

Authors: Kurt Heisinger

1st Edition

0618436693, 978-0618436699

More Books

Students also viewed these Accounting questions

Question

How can you listen critically to others public speeches?

Answered: 1 week ago