The Appliance Store began operations March 1, 20X1. The firm sells its merchandise for cash...

60.1K

Verified Solution

Question

Accounting

imageimageimageimageimageimageimageimageimageimageimageimageimageimage

The Appliance Store began operations March 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. The terms for all sales on credit are net 30. During March, The Appliance Store engaged in the following transactions: DATE TRANSACTIONS 201 March 1 Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for $600 plus sales tax of $36. 4 Sold merchandise on credit to Castor Phan; issued Sales Slip 102 for $900 plus sales tax of $54. 12 Sold merchandise on credit to Chris Hughes; issued Sales Slip 103 for $1,100 plus sales tax of $66. 15 Recorded cash sales for the period from March 1 to March 15 of $7,000 plus sales tax of $420. 25 Sold merchandise on credit to Brian Cooley; issued Sales Slip 104 for $850 plus sales tax of $51. 28 Received a check from Castor Phan of $160 to apply toward his account. 31 Recorded cash sales for the period from March 16 to March 31 of $3,900 plus sales tax of $234. 31 Received payment in full from Dave Allen for the sale of March 1. Required: 2. Record the transactions in a general journal. 3. Post the entries from the general journal to the appropriate general ledger accounts. Analyze: What were the total cash receipts during March? Complete this question by entering your answers in the tabs below. Record the transactions in a general journal. Complete this question by entering your answers in the tabs below. Record the transactions in a general journal. Journal entry worksheet Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for $600 plus sales tax of $36. Journal entry worksheet Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for $600 plus sales tax of $36. Note: Enter debits before credits. Journal entry worksheet Sold merchandise on credit to Castor Phan; issued Sales Slip 102 for $900 plus sales tax of $54. Note: Enter debits before credits. Journal entry worksheet Sold merchandise on credit to Chris Hughes; issued Sales Slip 103 for $1,100 plus sales tax of $66. Note: Enter debits before credits. Journal entry worksheet 8 Recorded cash sales for the period from March 1 to March 15 of $7,000 plus sales tax of $420. Note: Enter debits before credits. Journal entry worksheet Sold merchandise on credit to Brian Cooley; issued Sales Slip 104 for $850 plus sales tax of $51. Note: Enter debits before credits. Journal entry worksheet $160 to apply toward his account. Note: Enter debits before credits. Journal entry worksheet Recorded cash sales for the period from March 16 to March 31 of $3,900 plus sales tax of $234. Note: Enter debits before credits. Journal entry worksheet 1 Received payment in full from Dave Allen for the sale of March 1. Note: Enter debits before credits. Post the entries from the general journal to the appropriate general ledger accounts. Analyze: What were the total cash receipts during March? Complete this question by entering your answers in the tabs below. What were the total cash receipts during March

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students