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 transactions shown below took place

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage 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 transactions shown below took place during November 2016 DATE TRANSACTIONS Sold china to Pauline Judge; issued Sales Slip 1001 for $1,625 plus $130 sales Nov. 1 5 Sold a brass serving tray to Janet Hutchison; issued Sales Slip 1002 for $2,225 plus $178 sales tax. Sold a vase to Charles Brown; issued Sales Slip 1003 for $825 plus $66 sales 10 Sold a punch bowl and glasses to Lisa Morgan; issued Sales Slip 1004 for $1,825 plus $146 sales tax. 14 Sold a set of serving bowls to Dorothy Watts; issued Sales Slip 1005 for $675 plus $54 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. Sold a coffee table to Teresa Yu; issued Sales Slip 1006 for $3,325 plus $266 sales tax. 24 Sold sterling silver teaspoons to Henry Okafor; issued Sales Slip 1007 for $725 plus $58 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 $3.925 plus $314 sales 1.1 Prepare a sales journal to record the above transactions. Sales Slip Date Sales Tax Payable Credit Sales Credit No. SALES JOURNAL Accounts Customer's Name Receivable Debit Pauline Judge Janet Hutchison Charles Brown Nov 01 Nov 05 Nov 06 Noy 10 1001 11002 1003 11004 Totals $ 0 $ 0 $ 2.225 1.2 Prepare general journal entries as needed. View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions