Required: 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 intermediate calculations and final answers to the nearest whole dollar value.) DATE TRANSACTIONS 20x1 Sold merchandise for cash, $2,540e plus sales tax. The cost of merchandise sold was $1,540. The customer purchasing merchandise for cash on April 2 returhed $278 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $170. Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 fon $1,090 plus tax, terms n/30. The cost of the merchandise sold was $650. Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $170 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $130. April 2 4 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. 30

Required: 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 intermediate calculations and final answers to the nearest whole dollar value.) DATE TRANSACTIONS 20x1 Sold merchandise for cash, $2,540e plus sales tax. The cost of merchandise sold was $1,540. The customer purchasing merchandise for cash on April 2 returhed $278 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $170. Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 fon $1,090 plus tax, terms n/30. The cost of the merchandise sold was $650. Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $170 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $130. April 2 4 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. 30

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter25: Segment Income Statement (dept)

Section: Chapter Questions

Problem 2R

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