60.1K

Verified Solution

Link Copied!

The Appliance Guys is a retall 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 Accounts Recelvable is for the beginning of the month. DATE TRAKSACTIONS July 1 Sold a dishwasher to John Herrera; issued Sales S1lp Se1 for \$825 plus sales tax of S66. July 6 5old a washer to Helen That; issued Sales 51ip sez for $2,30 a plus sales tax of $184. July 11 sold a high-definition televiston set to fich James; issued sales 511p se3 for $2,475 plus sales tax of $193. July 17 Sold an electric dryor to Mary Schneider; Issued Sales 511 p 594 for 51,150 plus sales tax of 592 . July 23 Sold a trash conpactor to Vickie Coloubo; issued sales S11p Ses for 5775 plus sales tax of $62. july 27 sold a hoce entertainent systen to Jeff budd; issued Sales S11p 506 for $1, 6ea plus sales tax of s128. 301y. 29 Sold an electric range to Nancy Ling; issued Sales 511p se7 for $1,555 plus 3ale5 tax of 5124,40 . GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $33, obe Debit 231 Sales Tax payable 4e1 Sales Required: 1. Open the general ledger accounts and enter the balance of Accounts Recelvable for July 1. 2. Record the transactions in a sales journal 3. Total and prove the sales journal as of July 31. 4. Post the column totals from the sales journal to the proper general ledger accounts. Analyze: What percentage of credit sales was for entertainment items? Complete this question by entering your answers in the tabs below. Prepare a sales journal to record the above transactions. Nobe pound yout answers to 2 decimal places

Answer & Explanation Solved by verified expert

See Answer