The Elegant Table sells china, glassware, and other gift items that are subject to 8 percent sales
Question:
The Elegant Table sells china, glassware, and other gift items that are subject to 8 percent sales tax. The transactions shown below took place during November 2019. DATE TRANSACTIONS November 1 Sold china to Pauline Judge; issued sales receipt 1001 for $1,625 plus $130 sales tax. 5 Sold a tin serving tray to Janet Hutchison; issued sales receipt 1002 for $2,225 plus $178 sales tax. 6 Sold a vase to Charles Brown; issued sales receipt 1003 for $825 plus $66 sales tax. 10 He sold a punch bowl and glasses to Lisa Morgan; issued sales receipt 1004 for $1,825 plus $146 sales tax. 14 Sold a set of serving bowls to Dorothy Watts; issued sales receipt 1005 for $675 plus $54 sales tax. 17 Gave Lisa Morgan an allowance due to broken glass discovered while unpacking punch bowl and glasses sold on November 10, sales slip 1004; issued Credit Memorandum 102 for $156, which includes sales tax of $12. 21 he Sold a coffee table to Teresa Yu; issued sales receipt 1006 for $3,325 plus $266 sales tax. 24 He sold sterling silver teaspoons to Henry Okafor; issued sales receipt 1007 for $725 plus $58 sales tax. 25 Gave Teresa Yu an allowance for scratches on her coffee table sold on November 21, sales receipt 1006; issued Credit Memorandum 103 for $372, which includes $28 in sales tax. 30 Sold a watch to Elaine Brock; She issued sales receipt 1008 for $3,925 plus $314 sales tax.
Required:
Record November transactions in the appropriate journal.
Record in the accounts receivable ledger.
Post the general journal amounts on a daily basis. Record the sales journal amount as a total at the end of the month.
Prepare an accounts receivable schedule.
Compare the Accounts Receivable control account balance to the schedule total.
Discuss: Which customer has the highest balance due as of November 30, 2019?
Post the general journal amounts on a daily basis.
Record the sales journal amount as a total at the end of the month.
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina