Towncenter's 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 2016 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 Sold a living room sofa to Sun Yoo; issued Sales Slip 1615 for $4,290 plus sales Feb. 1 tax of $343.2 5 Sold three recliners to Jacqueline Moore, issued Sales Slip 1616 for $1.850 plus sales tax of $148 Sold a dining room set to Hazel Tran; issued Sales Slip 1617 for $6050 plus 9 sales tax of $484 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 $486, which includes sales tax of $36 17 Sold living room tables and bookcases to Ann Brown: issued Sales Slip 1618 for $9,050 plus sales tax of $724, 23 Sold eight dining room chairs to Domingo Salas, issued Sales Slip 1619 for $3.150 plus sales tax of $252 25 Gave Ann Brown an allowance for scratches on her bookcases: issued Credit Memorandum 703 for $162, which includes sales taxes of $12: the bookcases were originally sold on Sales Slip 1618 of February 17 27 Sold a living room sofa and four chairs to Jose Saucedo, issued Sales Slip 1620 1 Neyt 27 Sold a living room sofa and four chairs to Jose Saucedo, issued Sales Slip 1620 for $3,725 plus sales tax of $298. 28 Sold a dining room table to Mimi Yuki, issued Sales Slip 1621 for $1,550 plus sales tax of $124. 28 Sold a living room modular wall unit to Alan Baker, issued Sales Slip 1622 for $3,400 plus sales tax of $272 GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $14,636 Dr. 231 Sales Tax Payable. $7,070 Cr. 401 Sales 451 Sales Returns and Allowances ecord the above transactions. (Round your answers to 2 1. Prepare a sales journal to decimal places.) SALES JOURNAL Accounts Customer's Name Receivable Debit Date Sales Slip No. Sales Tax Payable Credit Sales Credit Prey 1 of 2 Next > 3. Prepare general journal entries as needed. View transaction list Journal entry worksheet Sales Account No: 401 Credit Balance Sales Returns and Allowances Date Debit Account No: 51 Credit Balance Debat Hi Next > 5. Prepare a revenue section of the income statement for the month ended February 28, 2016 TOWNCENTER FURNITURE Income Statement (Partial) Month Ended February 28, 2016 Revenue Net sales 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