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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
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 $1,425 plus $114 sales tax. | ||
5 | Sold a brass serving tray to Janet Hutchison; issued Sales Slip 1002 for $2,025 plus $162 sales tax. | |||
6 | Sold a vase to Charles Brown; issued Sales Slip 1003 for $625 plus $50 sales tax. | |||
10 | Sold a punch bowl and glasses to Lisa Morgan; issued Sales Slip 1004 for $1,625 plus $130 sales tax. | |||
14 | Sold a set of serving bowls to Dorothy Watts; issued Sales Slip 1005 for $475 plus $38 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 $168, which includes sales tax of $13. | |||
21 | Sold a coffee table to Teresa Yu; issued Sales Slip 1006 for $3,125 plus $250 sales tax. | |||
24 | Sold sterling silver teaspoons to Henry Okafor; issued Sales Slip 1007 for $525 plus $42 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 $384, which includes $29 in sales tax. | |||
30 | Sold a clock to Elaine Brock; issued Sales Slip 1008 for $3,725 plus $298 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?
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