ICH leekmarks Ipels Help https%3A%2F%.. a Search esurrUrl hapter 8 Help Seve & E
ID: 2399025 • Letter: I
Question
ICH leekmarks Ipels Help https%3A%2F%.. a Search esurrUrl hapter 8 Help Seve & Es Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 6 percent sales tax on all sales The company uses the perpetual inventory system, (Round your value) intermediate calculations and final answers to the nearest whole dollar DATE TRANSACTIONS 2019 April 2 Sold merchandise for eash, 2, 600 plus sales cax. The cot serchandise sold aa 51,600 parchasing nerehandise for eash on Apesi 2 returned erchandise: providedacash retund to the euscomez 3 The eustomer P ser 4 Sold merchandiae on credit to Jordan Clazk: aaued Sales s1ip 90 6 Accepted return of merchandise from Jordan Clazk:ued Credit 300 ot the m The cost of recurned tor 81,150 plus tax, terms n/30. The cont ot the merchsndise soid Sales 51ip 908 of Aprl . The cost of returned nerehandise as 190 30 Received paywent on account Erom Jordan Clazk in payment of her purchase ot April 4. leas the zeeurn on pral6 View t Journal entry worksheet Prey 50f 8H1 Next > F12 F1O FsExplanation / Answer
Journal Entry Date Particulars Dr. Amt. Cr. Amt. 2-Apr-19 Cash 2,756.00 Sales 2,600.00 Sales Tax Payable 156.00 $2,600 X 6% (To record the sales) 2-Apr-19 Cost of Goods Sold 1,600.00 Inventory 1,600.00 (To record the cost of goods sold) 3-Apr-19 Sales Return & Allowance 300.00 Sales Tax Payable 18.00 $300 X 6% Cash 318.00 (To record the sales returns) 3-Apr-19 Inventory 200.00 Cost of Goods Sold 200.00 (To record the cost of goods returned) 4-Apr-19 Accounts Receivable - Jordan 1,219.00 Sales 1,150.00 Sales Tax Payable 69.00 $1,150 X 6% (To record the sales) 4-Apr-19 Cost of Goods Sold 680.00 Inventory 680.00 (To record the cost of goods sold) 6-Apr-19 Sales Return & Allowance 200.00 Sales Tax Payable 12.00 $200 X 6% Accounts Receivable - Jordan 212.00 (To record the sales returns) 6-Apr-19 Inventory 190.00 Cost of Goods Sold 190.00 (To record the cost of goods returned) 30-Apr-19 Cash 1,007.00 Accounts Receivable - Jordan 1,007.00 (To record the cash received)