Towncenter Furniture specializes in modern living room and dining room furniture. Merchandise sales are subject to an 8 percent sales tax. The firms credit sales and sales returns and allowances for February 2019 are reflected below, along with the general ledger accounts used to record these transactions. The balances shown are for the beginning of the month.

Towncenter Furniture specializes in modern living room and dining room furniture. Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales and sales returns and allowances for February 2019 are reflected below, along with the general ledger accounts used to record these transactions. The balances shown are for the beginning of the month. DATE TRANSACTIONS Feb 1 Sold a living room sofa to Sun Yoo; issued Sales Slip 1615 for $4,615 plus sales tax of $369.20 plus sales tax of $174. sales tax of $510 originally sold on Sales Slip 1616 of February 5; issued Credit Memorandum 702 5 Sold three recliners to Jacqueline Moore; issued Sales Slip 1616 for $2,175 9 Sold a dining room set to Hazel Tran; issued Sales Slip 1617 for $6,375 plus 11 Accepted a return of one damaged recliner from Jacqueline Moore that was 17 Sold living room tables and bookcases to Ann Brown; issued Sales Slip 1618 for 23 Sold eight dining room chairs to Domingo Salas; issued Sales Slip 1619 for 25 Gave Ann Brown an allowance for scratches on her bookcases; issued Credit for $837, which includes sales tax of $62 $9,375 plus sales tax of $750 $3,475 plus sales tax of $278. Memorandum 703 for $513, which includes sales tax of $38; the bookcases were 27 Sold a living room sofa and four chairs to Jose Saucedo; issued Sales Slip 28 Sold a dining room table to Mimi Yuki; issued Sales Slip 1621 for $1,875 plus 28 Sold a living room modular wall unit to Alan Baker; issued Sales Slip 1622 for originally sold on Sales Slip 1618 of February 17 1620 for $4,050 plus sales tax of $324 sales tax of $150 $3,725 plus sales tax of $298 GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $15,936 Dr. 231 Sales Tax Payable, $7,200 Cr. 401 Sales 451 Sales Returns and Allowances Required: 1. Open the general ledger accounts and enter the balances for February 1 2. Record the transactions in a sales journal and in a general journal 3. Post the entries from the general journal to the general ledger. 4. Total, prove, and rule the sales journal as of February 28 5. Post the column totals from the sales journal 6. Prepare the heading and the Revenue section of the firm's income statement for the month ended February 28, 2019