Question

Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions.

  

DATE			TRANSACTIONS
2019
Sept.	1		Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $2,900 plus sales tax of $203.
	3		Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70.
	7		Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $200 plus sales tax of $14.
	12		Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3.
	15		Recorded cash sales for the period from September 1 to September 15 of $9,300 plus sales tax of $651.
	16		Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $500 plus sales tax of $35.
	17		Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $1,900 plus sales tax of $133.
	18		Received $750 from Candy Cho on account.
	20		Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12.
	25		Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $300 plus sales tax of $21
	27		Received payment in full from Bridgette Huffman for the sale of September 7
	29		Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $600 plus sales tax of $42.
	30		Recorded cash sales for the period from September 16 to September 30 of $11,600 plus sales tax of $812.

  

GENERAL LEDGER ACCOUNTS

101	Cash		401	Sales
111	Accounts Receivable		421	Sales Returns and Allowances
221	Sales Tax Payable

ACCOUNTS RECEIVABLE LEDGER ACCOUNTS

Candy Cho		Jim Peterson
Bridgette Huffman		Kathy Sundstrand
Mark Navalta

Required:

Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger.

Prepare a schedule of accounts receivable.

Analyze:
What is the amount of sales tax owed at September 30, 2019?

General Ledgers

Schedule of AR

Analyze

Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger.

GENERAL LEDGER Cash Account No. 101 Accounts Receivable Account No. 111 Date Debit Credit Balance Date Debit Credit Balance Sales Tax Payable Account No. 221 Sales Account No. 401 Date Debit Credit Balance Date Debit Credit Balance Sales Returns and Allowances Account No. 421 Date Debit Credit Balance ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Candy Cho Bridgette Huffman Date Debit Credit Balance Date Debit Credit Balance Mark Navalta Jim Peterson Date Debit Credit Balance Date Debit Credit Balance Kathy Sundstrand Date Debit Credit Balance

Complete this question by entering your answers in the tabs below.

General Ledgers

Schedule of AR

Analyze

Prepare a schedule of accounts receivable.

	EXCEPTIONAL ELECTRONICS Schedule of Accounts Receivable September 30, 2019 Candy Cho Bridgette Huffman Mark Navalta Jim Peterson Kathy Sundstrand Total $0

Complete this question by entering your answers in the tabs below.

General Ledgers

Schedule of AR

Analyze

What is the amount of sales tax owed at September 30, 2019?

	Sales tax owed

Answer 1

Date/S.N	Particulars	Slip	Credit ($)	Credit ($)
Sep 1	Candy Cho Sales Sales Tax Payable	S.S. 101	3,103.00 ………. ……….	………. 2,900.00 203.00
Sep 3	Jim Peterson Sales Sales Tax Payable	S.S. 102	1,070.00 ………. ……….	………. 1,000.00 70.00
Sep 7	Bridgette Huffman Sales Sales Tax Payable	S.S. 103	214.00 ………. ……….	………. 200.00 14.00
Sep 12	Sales Return and Allowances Sales Tax Payable Jim Peterson	C.M. 101	200.00 14.00 ……….	………. ………. 214.00
Sep 15	Cash Sales Sales Tax Payable	-	9,951.00 ………. ……….	………. 9,300.00 651.00
Sep 16	Kathy Sundstrand Sales Sales Tax Payable	S.S. 104	535.00 ………. ……….	………. 500.00 35.00
Sep 17	Mark Navalta Sales Sales Tax Payable	S.S. 105	2,033.00 ………. ……….	………. 1,900.00 133.00
Sep 18	Cash Candy Cho	-	750.00 ……….	………. 750.00
Sep 20	Cash Jim Peterson	-	856.00 ……….	………. 856.00
Sep 25	Sales Return and Allowances Sales Tax Payable Mark Navalta	C.M. 102	300.00 21.00 ……….	………. ………. 321.00
Sep 27	Cash Bridgette Huffman	-	214.00 ……….	………. 214.00
Sep 29	Mark Navalta Sales Sales Tax Payable	S.S. 106	642.00 ………. ……….	………. 600.00 42.00
Sep 30	Cash Sales Sales Tax Payable	-	12,412.00 ………. ……….	………. 11,600.00 812.00

CASH		Account No. 101
Date	Debit	Credit	Balance
Sep 15	9,951.00	-	9,951.00
Sep 18	750.00	-	10,701.00
Sep 20	856.00	-	11,557.00
Sep 27	214.00	-	11,771.00
Sep 30	12,412	-	24,183.00 Dr

SALES		Account No. 401
Date	Debit	Credit	Balance
Sep 1	-	2,900.00	2,900.00
Sep 3	-	1,000.00	3,900.00
Sep 7	-	200.00	4,100.00
Sep 15	-	9,300.00	13,400.00
Sep 16	-	500.00	13,900.00
Sep 17	-	1,900.00	15,800.00
Sep 29	-	600.00	16,400.00
Sep 30	-	11,600.00	28,000.00 Dr

SALES RETURN AND ALLOWANCE		Account No. 421
Date	Debit	Credit	Balance
Sep 12	200.00	-	200.00
Sep 25	300.00	-	500.00 Dr

SALES TAX PAYABLE		Account No. 221
Date	Debit	Credit	Balance
Sep 1	-	203.00	203.00
Sep 3	-	70.00	273.00
Sep 7	-	14.00	287.00
Sep 12	14.00	-	273.00
Sep 15	-	651.00	924.00
Sep 16	-	35.00	959.00
Sep 17	-	133.00	1,092.00
Sep 25	21.00	-	1,069.00
Sep 29	-	42.00	1,113.00
Sep 30	-	812.00	1,925.00 Cr

CANDY CHO
Date	Debit	Credit	Balance
Sep 1	3,103.00	-	3,103.00
Sep 18	-	750.00	2,353.00 Dr

JIM PETERSON
Date	Debit	Credit	Balance
Sep 3	1,070.00	-	1,070.00
Sep 12	-	214.00	856.00
Sep 20	-	856.00	NIL

BRIDGETTE HUFFMAN
Date	Debit	Credit	Balance
Sep 7	214.00	-	214.00
Sep 27	-	214.00	NIL

KATHY SUNDSTRAND
Date	Debit	Credit	Balance
Sep 16	535.00	-	535.0 Dr

MARK NAVALTA
Date	Debit	Credit	Balance
Sep 17	2,033.00	-	2,033.00
Sep 25	-	321.00	1,712.00
Sep 29	642.00	-	2,354 Dr

EXCEPTIONAL ELECTRONICS
Schedule of Accounts Receivable
September 30, 2019
Candy Cho	2353.00
Bridgette Huffman	00.00
Mark Navalta	2354.00
Jim Peterson	00.00
Kathy Sundstrand	535.00
Total	5,242.00

Sales Tax Owed

1925.00