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ACC 291 Week 1 Apply Connect Assignment (Score 10/10) (With Excel File)
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ACC 291 Week 1 Apply Connect Assignment (Score 10/10) (With Excel File)

This Tutorial was purchased 21 times & rated A+ by student like you.

 

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  • ACC 291 NW Week 1 Apply Connect Assignment.xlsx
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This Tutorial contains an Excel File which can be used for any change in values ACC 291 Week 1 Apply Connect Assignment Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions. DATE TRANSACTIONS 2019 Sept. 1 Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $3,200 plus sales tax of $224. 3 Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70. 7 Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $400 plus sales tax of $28. 12 Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3. 15 Recorded cash sales for the period from September 1 to September 15 of $9,000 plus sales tax of $630. 16 Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $700 plus sales tax of $49. 17 Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,200 plus sales tax of $154. 18 Received $780 from Candy Cho on account. 20 Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12. 25 Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $100 plus sales tax of $7 27 Received payment in full from Bridgette Huffman for the sale of September 7 29 Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $500 plus sales tax of $35. 30 Recorded cash sales for the period from September 16 to September 30 of $11,900 plus sales tax of $833. GENERAL LEDGER ACCOUNTS 101 Cash 401 Sales 111 Accounts Receivable 421 Sales Returns and Allowances 221 Sales Tax Payable ACCOUNTS RECEIVABLE LEDGER ACCOUNTS Candy Cho Jim Peterson Bridgette Huffman Kathy Sundstrand Mark Navalta Required: Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger. Prepare a schedule of accounts receivable. Analyze: What is the amount of sales tax owed at September 30, 2019? Question 2 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: 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?

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