Futi Ishanyan owns a retail business and made the following sales during the month of August 20--.
Question:
Futi Ishanyan owns a retail business and made the following sales during the month of August 20--. There is a 6% sales tax on all sales.
Aug. 1 Sale No. 213 to Jeter Manufacturing Co., $1,300, plus sale tax.
3 Sale No. 214 to Hassan Co., $2,600, plus sales tax.
7 Sale No. 215 to Habrock, Inc., $1,700, plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 47870—8867.)
11 Sale No. 216 to Seth Mowbray, $1,400, plus sales tax.
18 Sale No. 217 to Hassan Co., $3,960, plus sales tax.
22 Sale No. 218 to Jeter Manufacturing Co., $2,800, plus sales tax.
30 Sale No. 219 to Seth Mowbray, $1,900, plus sales tax.
REQUIRED
1. Record the transactions in the sales journal starting with page 8. Total and verify the column totals and rule the columns
2. Post from the sales journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Step by Step Answer:
1 SALES JOURNAL PAGE 8 date sale no to whom sold POST ref accounts receivable DEBIT sales crEDIT sales tax payable crEDIT 20Aug 1 213 Jeter Manufactur...View the full answer
