Transactions:

Jan. 3. Record sales for the week. To make things easier, we are going to only record cash sales weekly though in a real business sales would be recorded more often. Internet sales are done for cash only throuPayPal. PayPal subtracts a fee from the amount that is received depending how the client paid PayPay. In store sales are paid with cash. There is 6% sales tax charge on all instate sales.

Out-of-State Internet Sales 150 units $1,380

Instate Internet sales 10 units $100

In-Store Sales 55 units $600

PayPay fee $28

Jan. 3 Issued check 562 for $1200 to pay rent for January

Jan. 3 Sold old computer costing $2,000 and having $800 of accumulated depreciationg attached to it for $400 in cash.

Jan 5 Received order of 5,000 DVDs from KLD Video. Invoice amount was for $18,367.35 which included shipping and handling. Terms of the order is 2/10, n/30, Riley policy is to take advantage of all discounts offered and records all puchases at the net amount, less the discount . If Riley fails to pay within the discounted period, the extra amount paid is charged to Discounts Lost and expensed as a finance charge.

Jan 5 Issued check 564 to Custom DVD for the amount due on account.

Jan 5 Recieved a $320 bill (invoice #312) from Morgan Country Journal for advertising in this weeks newspapter.

Jan 6 Electronically transferred to $1,250 to Google for a variety of internet advertising campaign (Confirmation # 1234G234).

Jan 7 Recieved $120 from Jason Cridal for the amount owed on account.

Jan 7 Jay Finn, owner of Finn's Variety shiop stopped by the store to pick up more videos to be sold at his store. He purchased 250 DVDs on account for $1,500. Issued him invoice number 3321. Since Finn is buying the product to resale, he does not have to pay sales tax.

Jan 8. Purchased $650 of office supplies from Dan's Office Supply Company on account.