Question

The Elegant Table sells china, glassware, and other gift items that are subject to an 8 percent sales tax. The transactions shown below took place during November 2019. DATE TRANSACTIONS Nov 1 Sold china to Pauline Judge; issued Sales Slip 1001 for $1,625 plus $130 sales tax. 5 Sold a brass serving tray to Janet Hutchison; issued Sales Slip 1002 for $2,225 plus $178 sales tax. 6 Sold a vase to Charles Brown; issued Sales Slip 1003 for $825 plus $66 sales tax. 10 Sold a punch bowl and glasses to Lisa Morgan; issued Sales Slip 1004 for $1,825 plus $146 sales tax. 14 Sold a set of serving bowls to Dorothy Watts; issued Sales Slip 1005 for $675 plus $54 sales tax. 17 Gave Lisa Morgan an allowance because of a broken glass discovered when unpacking the punch bowl and glasses sold on November 10, Sales Slip 1004; issued Credit Memorandum 102 for $156, which includes sales tax of $12. 21 Sold a coffee table to Teresa Yu; issued Sales Slip 1006 for $3,325 plus $266 sales tax. 24 Sold sterling silver teaspoons to Henry Okafor; issued Sales Slip 1007 for $725 plus $58 sales tax. 25 Gave Teresa Yu an allowance for scratches on her coffee table sold on November 21, Sales Slip 1006; issued Credit Memorandum 103 for $372, which includes $28 in sales tax. 30 Sold a clock to Elaine Brock; issued Sales Slip 1008 for $3,925 plus $314 sales tax. Required: Record the transactions for November in the proper journal. Post to the accounts receivable ledger. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule. Analyze: Which customer has the highest balance owed at November 30, 2019?

Answer 1

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Sales Journal:
Date	Slip	Customer Name	Accounts Receivable Debit	Sales Tax Payable Credit	Sales Credit
Nov 1	1001	Pauline Judge	$                                      1,755	$                                    130	$         1,625
Nov 5	1002	Janet Hutchison	$                                      2,403	$                                    178	$         2,225
Nov 6	1003	Charles Brown	$                                         891	$                                       66	$            825
Nov 10	1004	Lisa Morgan	$                                      1,971	$                                    146	$         1,825
Nov 14	1005	Dorothy Watts	$                                         729	$                                       54	$            675
Nov 21	1006	Taresa You	$                                      3,591	$                                    266	$         3,325
Nov 24	1007	Henry Okafor	$                                         783	$                                       58	$            725
Nov 30	1008	Elaine Brock	$                                      4,239	$                                    314	$         3,925
Nov 30		Totals	$                                    16,362	$                                 1,212	$       15,150
General Journal:
No	Transaction	General Journal	Debit	Credit
102	Nov 17	Sales Return and Allowance	$                                         144
		Sales Tax Payable	$                                           12
		Accounts Receivable		$                                    156
103	Nov 25	Sales Return and Allowance	$                                         344
		Sales Tax Payable	$                                           28
		Accounts Receivable		$                                    372
Ledger
Accounts Receivable
Debit		Credit
Nov 30	$      16,362	Nov 17	$                                         156
		Nov 25	$                                         372
Ending Balance	$      15,834
Sales Tax Payable
Debit		Credit
Nov 17	$              12	Nov 30	$                                      1,212
Nov 25	$              28
		Ending Balance	$                                      1,172
Sales
Debit		Credit
		Nov 30	$                                    15,150
		Ending Balance	$                                    15,150
Sales Return and Allowance
Debit		Credit
Nov 17	$            144
Nov 25	$            344
Ending Balance	$            488
Accounts Receivable Subsidiary Ledger
Elain Brock
Date	Debit	Credit	Balance
Nov 30	$        4,239		$                                      4,239
charles Brown
Date	Debit	Credit	Balance
Nov 6	$            891		$                                         891
Janet Hutchison
Date	Debit	Credit	Balance
Nov 5	$        2,403		$                                      2,403
Pauline Judge
Date	Debit	Credit	Balance
Nov1	$        1,755		$                                      1,755
Lisa Morgan
Date	Debit	Credit	Balance
Nov 10	$        1,971		$                                      1,971
Nov 17		$                                           156	$                                      1,815
Henry Okafor
Date	Debit	Credit	Balance
Nov 24	$            783		$                                         783
Dorothy Watts
Date	Debit	Credit	Balance
Nov 14	$            729		$                                         729
Taresa Yu
Date	Debit	Credit	Balance
Nov 21	$        3,591		$                                      3,591
Nov 17		$                                           372	$                                      3,219
Schedule of Accounts Receivable:
Elain Brock	$        4,239
charles Brown	$            891
Janet Hutchison	$        2,403
Pauline Judge	$        1,755
Lisa Morgan	$        1,815
Henry Okafor	$            783
Dorothy Watts	$            729
Taresa Yu	$        3,219
Total	$      15,834
Highest Balance Owed	Elain Brock	$                                        4,239