The Appliance Store began operations March 1, 2019. The firm sells its merchandise for cash...
80.2K
Verified Solution
Question
Accounting
The Appliance Store began operations March 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. During March, The Appliance Store engaged in the following transactions:
DATE | TRANSACTIONS | |
2019 | ||
March | 1 | Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for $500 plus sales tax of $30. |
4 | Sold merchandise on credit to Castor Phan; issued Sales Slip 102 for $850 plus sales tax of $51. | |
12 | Sold merchandise on credit to Chris Hughes; issued Sales Slip 103 for $1,050 plus sales tax of $63. | |
15 | Recorded cash sales for the period from March 1 to March 15 of $6,200 plus sales tax of $372. | |
25 | Sold merchandise on credit to Brian Cooley; issued Sales Slip 104 for $800 plus sales tax of $48. | |
28 | Received a check from Castor Phan of $260 to apply toward his account. | |
31 | Recorded cash sales for the period from March 16 to March 31 of $3,100 plus sales tax of $186. | |
31 | Received payment in full from Dave Allen for the sale of March 1. |
Required:
Record the transactions in a general journal.
Post the entries from the general journal to the appropriate general ledger accounts.
GENERAL LEDGER ACCOUNTS | |||
101 | Cash | 221 | Sales Tax Payable |
111 | Accounts Receivable | 401 | Sales |
Analyze: What were the total cash receipts during March?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.