1. Use the following transactions to answer the questions. Use a 6% sales tax rate. Total and rule the sales journal.

   Jan. 3	Sold merchandise on account to J. J. Johnson, $1,500, plus sales tax.
   7	Sold merchandise on account to C. Lopez, $2,100, plus sales tax.
   14	Issued credit memorandum to J. J. Johnson for $530, including sales tax of $30.
   19	Sold merchandise on account to H. Hertz, $700, plus sales tax.
   29	Sold merchandise on account to G. Cardiology, $1,100, plus sales tax.

   Prepare the sales journal using the above transactions, as appropriate.

   SALES JOURNAL						Page 1
   Date	Sale No.	To Whom Sold	Post. Ref.	Accounts Receivable Debit	Sales Credit	Sales Tax Payable Credit
   Jan. 3		J. J. Johnson
   7		C. Lopez
   19		H. Hertz
   29		G. Cardolo

   Prepare the general journal using the above transactions, as appropriate. If an amount box does not require, leave it blank.

   Page: 1

   	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
   1	Jan. 14	Accounts Receivable/J. J.Johnson Cash Sales Returns and Allowances Supplies Wages Payable					1
   2		Accounts Receivable/J. J.Johnson Cash Sales Tax Expense Sales Tax Payable Income Tax Payable					2
   3		Accounts Receivable/J. J.Johnson Cash Sales Returns and Allowances Sales Tax Payable Income Tax Payable

Answer rating: 100% (QA)

STEP 1 STEP 2 STEP 3 SOLUTION DATE JAN 3 JAN 7 JAN 19 ... View the full answer