Divine Divas Fashions must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 20X1 April 2 Sold merchandise for cash, $3, 500 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $500 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Lisa Dang; issued Sales Slip 908 for $1,025 plus tax, terms n/30. 6 Accepted return of damaged merchandise from Lisa Dang; issued Credit Memorandum 302 for $175 plus tax. The original sale was made on Sales Slip 908 of April 4. 30 Received payment on account from Lisa Dang in payment of her purchase of April 4, less the return on April 6.
Divine Divas Fashions must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 20X1 April 2 Sold merchandise for cash, $3, 500 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $500 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Lisa Dang; issued Sales Slip 908 for $1,025 plus tax, terms n/30. 6 Accepted return of damaged merchandise from Lisa Dang; issued Credit Memorandum 302 for $175 plus tax. The original sale was made on Sales Slip 908 of April 4. 30 Received payment on account from Lisa Dang in payment of her purchase of April 4, less the return on April 6.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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