Question

Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa's Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places): DATE TRANSACTIONS 2019 Feb. 2 Sold merchandise for cash totaling $3,400 to customers using bank credit cards. Record the 10 percent discount on credit card sales at time of sale. 15 Sold merchandise totaling $2,100 to customers using American Express. 20 Received amount due from American Express, less their 11 percent discount, for sales made by customers using American Express on February 15

Answer 1

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Date	Account	Debit	Credit
Feb 2	Credit Card Expense ($3,400+$272)*10%	$         367
	Cash	$     3,305
	Sales		$    3,400
	Sales Tax Payable ($3,400*8%)		$        272
	(To record sales to custmoer using bank credit card)
Feb 15	Accounts Receivable	$     2,268
	Sales		$    2,100
	Sales Tax Payable ($3,400*8%)		$        168
	(To record sales to custmoer using American Exp credit card)
Feb 20	Credit Card Expense $2,268*11%	$   249.48
	Cash	$2,018.52
	Accounts Receivable		$    2,268
	(To record payment received from american express)