Required: Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. The company uses the perpetual inventory system. DATE 20X1 April 2 Sold merchandise for cash, $2,500 plus sales tax. The cost of merchandise sold was $1,500. TRANSACTIONS 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $150. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30. The cost of the merchandise sold was $630. 6 Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $90. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.

Required: Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. The company uses the perpetual inventory system. DATE 20X1 April 2 Sold merchandise for cash, $2,500 plus sales tax. The cost of merchandise sold was $1,500. TRANSACTIONS 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $150. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30. The cost of the merchandise sold was $630. 6 Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $90. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.

Name: Required:Record the following transactions of Fashion Park in a gener
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Description: Required:Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. Thecompany uses the perpetual inventory system.DATETRANSACTIONS20X1April 2 Sold merchandise for cash, $2,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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