Question

Problem 7.1A Recording credit sales and posting from the sales journal. LO 7-1, 7-2 Superior Appliances is a retail store that sells household appliances. Merchandise sales are subject to an 8 percent sales tax. The firm's credit sales for July are listed below, along with the general ledger accounts used to record these sales. The balance shown for Accounts Receivable is for the beginning of the month. DATE TRANSACTIONS July 1 Sold a dishwasher to John Martines; issued Sales Slip 501 for $1,125 plus sales tax of $90. 6 Sold a washer to Helen Thai; issued Sales Slip 502 for $2,400 plus sales tax of $192. 11 sold a high-definition television set to Richard Jones; issued Sales Slip 502 for $2,575 plus sales tax E $206. 17 Sold an electric dryer to Mary Schneider; issued Sales 315p 504 for $1,250 plus sales tax of $100. 23 Sold a trash compactor to Victoria Caramello; issued Sales Slip 505 for $875 plus sales tax of $70. 27 Sold a home entertainment system to Jett Budd; issued Sales Slip 506 for $1,700 plus sales tax of $136. 29 Sold an electric range to Michelle Ly: issued Sales Slip 507 for $1,425 plus salos Saxo£ $114. 31 Sold a double oven to Peter MeVay: inrund Sales Slip 508 for $600 plus sales tax of $40. GENERAL LEDGER ACCOUNTS 111 hecounts Receivable, $34.000 DE 231 Sales Tax Payable Required: 1. Open the general ledger accounts and enter the balance of Accounts Receivable for July 1, 2019 2. Record the transactions in a sales journal. 3. Total, prove, and rule the sales journal as of July 31 4. Post the column totals from the sales journal to the proper general ledger accounts.

superior appliances it is a retail store that sells household appliances merchandise sales are subject to an 8% sales tax affirms credit sales for July are listed below along with the general ledger account used to record the sales the balance shown for accounts receivable is for the beginning of the month.

Answer 1

1.

Accounts Receivable		Account No. 111
Date	Debit	Credit	Balance
July 1, 2019			24,000 Dr.
July 31, 2019	12,906
July 31, 2019			36,906 Dr.
Sales Tax Payable		Account No. 231
Date	Debit	Credit	Balance
July 31, 2019		956
July 31, 2019			956 Cr.
Sales		Account No. 401
Date	Debit	Credit	Balance
July 31, 2019		11,950
July 31, 2019			11,950 Cr.

2.

Sales Journal
Date	Sales Slip No.	Customer's Name	Accounts Receivable Debit	Sales Tax Payable Credit	Sales Credit
July 1	501	John Martinez	$ 1,215	$ 90	$ 1,125
6	502	Helen Thai	2,592	192	2,400
11	503	Richard Jones	2,781	206	2,575
17	504	Mary Schneider	1,350	100	1,250
23	505	Victoria Caramello	945	70	875
27	506	Jeff Budd	1,836	136	1,700
29	507	Michelle Li	1,539	114	1,425
31	508	Peter McVay	648	48	600
July 31		Totals	$ 12,906	$ 956	$ 11,950

Credit Sales for Entertainment Items

35.77 %