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During the month of September, the following transactions occurred. The applicable sales tax rate is 6%.

During the month of September, the following transactions occurred. The applicable sales tax rate is 6%.

Sept.   2   Sold merchandise on account to Sam Larson, $1,400, plus sales tax.
    7   Sold merchandise on account to David Mitchell, $1,900, plus sales tax.
   12   Issued credit memorandum to Sam Larson for $689, including sales tax of $39.
   22   Sold merchandise on account to Matt Feustal, $500, plus sales tax.
  28   Sold merchandise on account to Ana Cardona, $850, plus sales tax.

Enter the transactions in the general journal. If an amount box does not require an entry, leave it blank.

Solutions

Expert Solution

Date Accounts titles Debit credit
Sept. 2 Accounts Receivable-Sam Larson 1484  
          Sales   1400
          Sales Tax Payable [=1400*6% ]   84
       
Sept. 7 Accounts Receivable-David Mitchell 2014  
          Sales   1900
          Sales Tax Payable [ =1900*6%]   114
       
Sept. 12 Sales Returns and Allowances 650  
  Sales Tax Payable 39  
        Accounts Receivable-Sam Larson   689
       
Sept. 22 Accounts Receivable-Matt Feustal 530  
          Sales   500
          Sales Tax Payable [ 500 x 6% ]   30
       
Sept. 28 Accounts Receivable-Ana Cardona 901  
          Sales   850
          Sales Tax Payable [ 850 x 6% ]   51

Journal entries record the transactions of a business. It presents transactions in a consecutive manner, based on dates or on when the events or transactions occurred.

Ramesh R answered 3 years ago
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