Precision Electronics began operations September 1, 20X1. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. The terms for all sales on credit are net 30. During September, Precision Electronics engaged in the following transactions:

INSTRUCTIONS
Record the transactions in a general journal. 

Analyze: 

What portion of the net sales during September were for entertainment items?

Transcribed Image Text:

DATE 20X1 Sept. 1 3 7 12 15 16 17 18 20 25 27 29 30 TRANSACTIONS Sold a high-definition television set on credit to Cindy Chin; issued Sales Slip 101 for $1,200 plus sales tax of $84. Sold stereo equipment on credit to Bob Perez; Issued Sales Slip 102 for $1,400 plus sales tax of $98. Sold a microwave oven on credit to Bobbl Huber; issued Sales Slip 103 for $250 plus sales tax of $17.50. Accepted return of defective stereo equipment from Bob Perez, Issued Credit Memorandum 101 for $100 plus sales tax of $7. The stereo equipment was sold on September 3. Recorded cash sales for the period from September 1 to September 15 of $9,400 plus sales tax of $658. Sold a gas dryer on credit to Katle Kilgore; Issued Sales Slip 104 for $600 plus sales tax of $42. Sold a home entertainment system on credit to James Washington; Issued Sales Slip 105 for $1,300 plus sales tax of $91. Received $784 from Cindy Chin on account. Received payment in full from Bob Perez for the sale of September 3, less the return of September 12. Gave James Washington an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $100 plus sales tax of $7. Received payment in full from Bobbl Huber for the sale of September 7. Sold a dishwasher on credit to James Washington; Issued Sales Slip 106 for $800 plus sales tax of $56. Recorded cash sales for the period from September 16 to September 30 of $12,100 plus sales tax of $847.