Concept explainers
SALES JOURNAL T. M. Maxwell owns a retail business and made the following sales during the month of July 20--. There is a 5% sales tax on all sales.
July 1 Sale No. 101 to Saga, Inc., $1,200, plus sales tax.
8 Sale No. 102 to Vinnie Ward, $2,100, plus sales tax.
15 Sale No. 103 to Dvorak Manufacturing, $4,300, plus sales tax.
21 Sale No. 104 to Vinnie Ward, $1,800, plus sales tax.
24 Sale No. 105 to Zapata Co., $1,600, plus sales tax. (Open a new account for this customer. Address is 789 N. Stafford Dr., Bloomington, IN 47401–6201.)
29 Sale No. 106 to Saga, Inc., $1,450, plus sales tax.
Required
- 1. Record the transactions in the sales journal. Total and verify the column totals and rule the columns.
- 2. Post the sales journal to the general ledger and
accounts receivable ledger accounts. Use account numbers as shown in the chapter.
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Chapter 12 Solutions
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- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning