Question: The Appliance Store began operations March 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 6 percent sales tax. During March, The Appliance Store engaged in the following transactions:
DATE TRANSACTIONS
1-Mar Sold merchandise on credit to Dave Allen; issued Sales Slip 101 for $600 plus sales tax of $36.
4-Mar Sold merchandise on credit to Castor Phan; issued Sales Slip 102 for $950 plus sales tax of $57.
12-Mar Sold merchandise on credit to Chris Hughes; issued Sales Slip 103 for $1,100 plus sales tax of $66.
15-Mar Recorded cash sales for the period from March 1 to March 15 of $5,700 plus sales tax of $342.
25-Mar Sold merchandise on credit to Brian Cooley; issued Sales Slip 104 for $900 plus sales tax of $54.
28-Mar Received a check from Castor Phan of $310 to apply toward his account.
31-Mar Recorded cash sales for the period from March 16 to March 31 of $2,600 plus sales tax of $156.
31-Mar Received payment in full from Dave Allen for the sale of March 1.
Required: 1. Record the transactions in a general journal.
2. Post the entries from the general journal to the appropriate general ledger accounts.
GENERAL LEDGER ACCOUNTS
101 Cash
221 Sales Tax Payable
111 Accounts Receivable
401 Sales
Analyze: What were the total cash receipts during March?
Information related to above question is enclosed below:
Attachment:- Question2.rar