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1. ACC 291 Week 1 Practice Connect Practice
Assignment NEW
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CC 291 Week 1 Practice Connect Practice Assignment NEW
1 Record the following transactions of Lisa's Fashion Boutique
in a general journal. Lisa's Fashion Boutique operates in a state

2. with 8% sales tax. (Round your intermediate calculations and
final answers to 2 decimal places):
DATE TRANSACTIONS
2019
Feb. 2 Sold merchandise for cash totaling $3,800 to customers
using bank credit cards. Record the 2 percent discount on
credit card sales at time of sale.
15 Sold merchandise totaling $2,100 to customers using
American Express.
20 Received amount due from American Express, less their 3
>ercent discount, for sales made by
Express on February
“ u,ing
“n
2
On April 1, Moloney Meat Distributors sold merchandise on
account to Fronke's Franks for $3,500 on Invoice 1001, terms
2/10, n/30. Payment was received in full from Fronke's Franks,
less discount, on April 10.
Required:
Record the transactions on April 1 and April 10.

3. 3
Record the following transactions of Fashion Park in a general
journal. Fashion Park must charge 8 percent sales tax on all
sales.
DATE TRANSACTIONS 2019
April 2 Sold merchandise for cash, $2,500 plus sales tax.
3 The customer purchasing merchandise for cash on April 2
returned $250 of the merchandise; provided a cash refund to
www.acc29the
—•
4 Sold merchandise on credit to Jordan Clark; issued Sales Slip
908 for $1,050 plus tax, terms n/30.
6 Accepted return of damaged merchandise from Jordan Clark;
issued Credit Memorandum 302 for $150 plus tax. The original
sale was made on Sales Slip 908 of April 4.
30 Received payment on account from Jordan Clark in payment
of her purchase of April 4, less the return on April 6.
4