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Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. 1. no sales tax       (a) Merchandise is sold for $230 cash.   (b) Merchandise is sold on account for $220.   (c) Payment is received for merchandise sold on account.     2.   6% sales tax.(a) Merchandise is sold for $230 cash plus sales tax.(b) Merchandise is sold on account for $220 plus sales tax.(c) Payment is received for merchandise sold on account.      3. Cash and credit sales, with returned merchandise.   (a) Merchandise is sold for $498 cash.   (b) $14 of merchandise sold for $498 is returned for a refund.   (c) Merchandise is sold on account for $400.   (d) $27 of merchandise sold for $400 is returned for a credit.   (e) Payment is received for balance owed on merchandise sold on account.

Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. 1. no sales tax       (a) Merchandise is sold for $230 cash.   (b) Merchandise is sold on account for $220.   (c) Payment is received for merchandise sold on account.     2.   6% sales tax.(a) Merchandise is sold for $230 cash plus sales tax.(b) Merchandise is sold on account for $220 plus sales tax.(c) Payment is received for merchandise sold on account.      3. Cash and credit sales, with returned merchandise.   (a) Merchandise is sold for $498 cash.   (b) $14 of merchandise sold for $498 is returned for a refund.   (c) Merchandise is sold on account for $400.   (d) $27 of merchandise sold for $400 is returned for a credit.   (e) Payment is received for balance owed on merchandise sold on account.

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Sales Transactions and T Accounts

(first screen shot for #1 and 2. the second is for #3)

Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions.

1. no sales tax

   
  (a) Merchandise is sold for $230 cash.
  (b) Merchandise is sold on account for $220.
  (c) Payment is received for merchandise sold on account.

 

 

2.   6% sales tax.(a) Merchandise is sold for $230 cash plus sales tax.(b) Merchandise is sold on account for $220 plus sales tax.(c) Payment is received for merchandise sold on account. 

 

 

3. Cash and credit sales, with returned merchandise.

 

(a) Merchandise is sold for $498 cash.
  (b) $14 of merchandise sold for $498 is returned for a refund.
  (c) Merchandise is sold on account for $400.
  (d) $27 of merchandise sold for $400 is returned for a credit.
  (e) Payment is received for balance owed on merchandise sold on account.
Cash Accounts Receivable Sales Sales Returns and Allowances
Transcribed Image Text:Cash Accounts Receivable Sales Sales Returns and Allowances
Cash Accounts Receivable Sales
Transcribed Image Text:Cash Accounts Receivable Sales
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