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 20X1 are reflected below, along with the general ledger accounts used to record these transactions. The balances shown are for the beginning of the month. 0 DATA TRANSACTIONS Feb. 1 sold a living room sofa to Sun Yoo; inued Sales Slip 1615 for 54,615 plus sales tax of $369.20. 5 sold three recliners to Jacqueline Moore; ined Sales Slip 1616 for $2,175 plus sales tax of $174. Hold a dining room set to datel Trans Issued Sales slip 1617 for $6,375 plus sales tax of $510. 11 Accepted a return of one damaged recliner from Jacqueline Moore that was originally sold on Sales Slip 1616 of February 5; issued Credit Memorandum 702 for $837, which includes sales tax of 362. 17 Sold living room tables and bookcases to Ann Brown issued sales slip 1618 for $9,375 plus sales tax of 1950. 23 told eight dining room chairs to Domingo Salas issued Sales Slip 1619 for $3,475 plus sales tax of $278. 25 Cave Ann thrown an allowance for scratches on her bookcases; Lased Credit Memorandum 703 for $51), which includes sales tax of $38: the bookcases were originally sold on Sales Slip 1618 of February 17. 27 Bold a living room nota and four chairs to Jose Saucedo Inved sales slip 1620 for $4,050 plus sales tax of $324. 28 Sold a dining roon table to Nini Yuki Lesed sales 511p 1621 for $1,095 plus sales tax of 5159. 20 Sold a living roon modular wall unit to Alan Baker Lused sales slip 1622 for $3,725 plus sales tax of $298. GENERAL LEDGER ACCOUNTS 111 Accounts Receivable. $15,936 DE 231 Sales Tax Payable, 57,200 CE. 401 Sales 451 Sales Returns and Allowances ce 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, 20X1. Based on the beginning balance of the Sales Tax Payable account what was the amount of net sales for January? Hint Sales tax returns are filed and paid to the state quarterly) Complete this question by entering your answers in the tabs below. Sales Journal General Jouma Ledger Account Income Statement Analys Prepare a sales journal to record the above transactions. Round your answers to 2 decimal place) SALES JOURNAL Accounts Customer's Name Receivable Datit Date Sales Sup No Bales Tax Payable Credit Sales Credit Print References 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, 20X1. Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? (Hint: Sales tax returns are filed and paid to the state quarterly.) Complete this question by entering your answers in the tabs below. Sales Journal General Ledger Income Journal Accounts Statement Analyze Prepare a sales journal to record the above transactions. (Round your answers to 2 decimal places.) SALES JOURNAL Accounts Customer's Name Receivable Debit Sales Slip No. Date Sales Tox Payable Credit Sales Credit Feb. 28, 20X1 Totals $ 0.00 $ 0.00 $ 0.00 General Journal > Complete this question by entering your answers in the tabs below. Sales Journal General Journal Ledger Accounts Income Statement Analyze Prepare general journal entries as needed. View transactions Journal entry worksheet Record the first entry required in the general Journal etter det before credits General Journal Debit Credit Feb 11, 20X1 Clear entry View general Journal Sales Journal Ledger Assos 1. Open the general ledger accounts and enter the bala 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, 20x1. Analyze: Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January (Hint: Sales tax returns are filed and paid to the state quarterly) Complete this question by entering your answers in the tabs below. General Ledger Income Sales Journal Journal Accounts Statement Analyze Pout the opening balances, column totals from the sales journal, and other transactions into the appropriate ledger accounts. (Round your answers to 2 decimal places.) Accounts Receivable Date Debit Feb. 1. 2001 Account No: 111 Credit Balance Sales Tax Payable Dato Debit Feb. 1. 20X1 Account No: 231 Credit Dalance Sales Account No: 401 Credit Balance Date Debit Sales Returns and Allowances Date Dobit Account No: 451 Credit Balance GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $15,936 Dr. 231 Sales Tax Tayable, 37,200 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, 20X1. Analyze Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? (Hint Sales tax returns are filed and paid to the state quarterly) Complete this question by entering your answers in the tabs Jelow. Sales Journal General Journal Ledger Accounts Income Statement Analyze Based on the beginning balance of the Sales Tax Payable account, what was the amount of net sales for January? (Hint: Sales tax returns are filed and paid to the state quarterly.) Net Sales Income Statement