- Exceptional Electronics began operations on September 1, 2019 and engaged in various credit sales and cash transactions throughout the month, including accepting returns and issuing credits. - Transactions included credit sales to Candy Cho, Jim Peterson, Bridgette Huffman, Kathy Sundstrand, and Mark Navalta, as well as cash sales, payments received, and a return/credit. - The document provides the general ledger accounts and details of the transactions to post journal entries to the appropriate general ledger and accounts receivable accounts. It asks to prepare a schedule of accounts receivable and calculate the sales tax owed at September 30, 2019.

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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

2. 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.

3. 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.

4. 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:

5. 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.

6. 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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