Exceptional Electronics began operations September 1, 2019. Thefirm sells its merchandise for cash and on open account. Sales aresubject to a 7 percent sales tax. During September, ExceptionalElectronics engaged in the following transactions:
DATE TRANSACTIONS 2019 Sept. 1 Sold a high-definitiontelevision set on credit to Candy Cho; issued Sales Slip 101 for$2,700 plus sales tax of $189. 3 Sold stereo equipment on creditto Jim Peterson; issued Sales Slip 102 for $900 plus sales tax of$63. 7 Sold a microwave oven on creditto Bridgette Huffman; issued Sales Slip 103 for $300 plus sales taxof $21. 12 Accepted return of defectivestereo equipment from Jim Peterson; issued Credit Memorandum 101for $100 plus sales tax of $7. The stereo equipment was sold onSeptember 3. 15 Recorded cash sales for theperiod from September 1 to September 15 of $9,500 plus sales tax of$665. 16 Sold a gas dryer on credit toKathy Sundstrand; issued Sales Slip 104 for $600 plus sales tax of$42. 17 Sold a home entertainment systemon credit to Mark Navalta; issued Sales Slip 105 for $1,700 plussales tax of $119. 18 Received $730 from Candy Cho onaccount. 20 Received payment in full fromJim Peterson for the sale of September 3, less the return ofSeptember 12. 25 Gave Mark Navalta an allowancebecause of scratches on his home entertainment system sold onSeptember 17, Sales Slip 105; issued Credit Memorandum 102 for $200plus sales tax of $14. 27 Received payment in full fromBridgette Huffman for the sale of September 7. 29 Sold a dishwasher on credit toMark Navalta; issued Sales Slip 106 for $400 plus sales tax of$28. 30 Recorded cash sales for theperiod from September 16 to September 30 of $11,400 plus sales taxof $798.
Required:
Record the transactions in a general journal.
Analyze:
What portion of the sales during September were for entertainmentitems? Assume the cash sales transactions are for non-entertainmentitems. (Hint: Do not forget to reduce sales by any sales returns orallowances.)
Sold a high-definition television set on credit to Candy Cho;issued Sales Slip 101 for $2,700 plus sales tax of $189.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 01,2019
Sold stereo equipment on credit to Jim Peterson; issued SalesSlip 102 for $900 plus sales tax of $63.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 03,2019
Sold a microwave oven on credit to Bridgette Huffman; issuedSales Slip 103 for $300 plus sales tax of $21.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 07,2019
Accepted return of defective stereo equipment from Jim Peterson;issued Credit Memorandum 101 for $100 plus sales tax of $7. Thestereo equipment was sold on September 3.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 12,2019
Recorded cash sales for the period from September 1 to September15 of $9,500 plus sales tax of $665.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 15,2019
Sold a gas dryer on credit to Kathy Sundstrand; issued SalesSlip 104 for $600 plus sales tax of $42.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 16,2019
Sold a home entertainment system on credit to Mark Navalta;issued Sales Slip 105 for $1,700 plus sales tax of $119.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 17,2019
Received $730 from Candy Cho on account.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 18,2019
Received payment in full from Jim Peterson for the sale ofSeptember 3, less the return of September 12.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 20,2019
Gave Mark Navalta an allowance because of scratches on his homeentertainment system sold on September 17, Sales Slip 105; issuedCredit Memorandum 102 for $200 plus sales tax of $14.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 25,2019
Received payment in full from Bridgette Huffman for the sale ofSeptember 7.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 27,2019
Sold a dishwasher on credit to Mark Navalta; issued Sales Slip106 for $400 plus sales tax of $28.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 29,2019
Recorded cash sales for the period from September 16 toSeptember 30 of $11,400 plus sales tax of $798.
Note: Enter debits before credits.
Date General Journal Debit Credit Sept 30,2019
Exceptional Electronics began operations September 1, 2019. Thefirm sells its merchandise for cash and on open account. Sales aresubject to a 7 percent sales tax. During September, ExceptionalElectronics engaged in the following transactions:
| DATE | TRANSACTIONS | |
| 2019 | ||
| Sept. | 1 | Sold a high-definitiontelevision set on credit to Candy Cho; issued Sales Slip 101 for$2,700 plus sales tax of $189. |
| 3 | Sold stereo equipment on creditto Jim Peterson; issued Sales Slip 102 for $900 plus sales tax of$63. | |
| 7 | Sold a microwave oven on creditto Bridgette Huffman; issued Sales Slip 103 for $300 plus sales taxof $21. | |
| 12 | Accepted return of defectivestereo equipment from Jim Peterson; issued Credit Memorandum 101for $100 plus sales tax of $7. The stereo equipment was sold onSeptember 3. | |
| 15 | Recorded cash sales for theperiod from September 1 to September 15 of $9,500 plus sales tax of$665. | |
| 16 | Sold a gas dryer on credit toKathy Sundstrand; issued Sales Slip 104 for $600 plus sales tax of$42. | |
| 17 | Sold a home entertainment systemon credit to Mark Navalta; issued Sales Slip 105 for $1,700 plussales tax of $119. | |
| 18 | Received $730 from Candy Cho onaccount. | |
| 20 | Received payment in full fromJim Peterson for the sale of September 3, less the return ofSeptember 12. | |
| 25 | Gave Mark Navalta an allowancebecause of scratches on his home entertainment system sold onSeptember 17, Sales Slip 105; issued Credit Memorandum 102 for $200plus sales tax of $14. | |
| 27 | Received payment in full fromBridgette Huffman for the sale of September 7. | |
| 29 | Sold a dishwasher on credit toMark Navalta; issued Sales Slip 106 for $400 plus sales tax of$28. | |
| 30 | Recorded cash sales for theperiod from September 16 to September 30 of $11,400 plus sales taxof $798. | |
Required:
Record the transactions in a general journal.
Analyze:
What portion of the sales during September were for entertainmentitems? Assume the cash sales transactions are for non-entertainmentitems. (Hint: Do not forget to reduce sales by any sales returns orallowances.)
Sold a high-definition television set on credit to Candy Cho;issued Sales Slip 101 for $2,700 plus sales tax of $189.
Note: Enter debits before credits.
|
Sold stereo equipment on credit to Jim Peterson; issued SalesSlip 102 for $900 plus sales tax of $63.
Note: Enter debits before credits.
|
Sold a microwave oven on credit to Bridgette Huffman; issuedSales Slip 103 for $300 plus sales tax of $21.
Note: Enter debits before credits.
|
Accepted return of defective stereo equipment from Jim Peterson;issued Credit Memorandum 101 for $100 plus sales tax of $7. Thestereo equipment was sold on September 3.
Note: Enter debits before credits.
|
Recorded cash sales for the period from September 1 to September15 of $9,500 plus sales tax of $665.
Note: Enter debits before credits.
|
Sold a gas dryer on credit to Kathy Sundstrand; issued SalesSlip 104 for $600 plus sales tax of $42.
Note: Enter debits before credits.
|
Sold a home entertainment system on credit to Mark Navalta;issued Sales Slip 105 for $1,700 plus sales tax of $119.
Note: Enter debits before credits.
|
Received $730 from Candy Cho on account.
Note: Enter debits before credits.
|
Received payment in full from Jim Peterson for the sale ofSeptember 3, less the return of September 12.
Note: Enter debits before credits.
|
Gave Mark Navalta an allowance because of scratches on his homeentertainment system sold on September 17, Sales Slip 105; issuedCredit Memorandum 102 for $200 plus sales tax of $14.
Note: Enter debits before credits.
|
Received payment in full from Bridgette Huffman for the sale ofSeptember 7.
Note: Enter debits before credits.
|
Sold a dishwasher on credit to Mark Navalta; issued Sales Slip106 for $400 plus sales tax of $28.
Note: Enter debits before credits.
|
Recorded cash sales for the period from September 16 toSeptember 30 of $11,400 plus sales tax of $798.
Note: Enter debits before credits.
|
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