Reference no: EM131795186
The Elegant Table sells china, glassware, and other gift items that are subject to an 8 percent sales tax. The transactions shown below took place during November 2016.
DATE TRANSACTIONS
Nov. 1 Sold china to Pauline Judge; issued Sales Slip 1001 for $1,750 plus $140 sales tax.
5 Sold a brass serving tray to Janet Hutchison; issued Sales Slip 1002 for $2,350 plus $188 sales tax.
6 Sold a vase to Charles Brown; issued Sales Slip 1003 for $950 plus $76 sales tax.
10 Sold a punch bowl and glasses to Lisa Morgan; issued Sales Slip 1004 for $1,950 plus $156 sales tax.
14 Sold a set of serving bowls to Dorothy Watts; issued Sales Slip 1005 for $800 plus $64 sales tax.
17 Gave Lisa Morgan an allowance because of a broken glass discovered when unpacking the punch bowl and glasses sold on November 10, Sales Slip 1004; issued Credit Memorandum 102 for $162.00, which includes sales tax of $12.
21 Sold a coffee table to Teresa Yu; issued Sales Slip 1006 for $3,450 plus $276 sales tax.
24 Sold sterling silver teaspoons to Henry Okafor; issued Sales Slip 1007 for $850 plus $68 sales tax.
25 Gave Teresa Yu an allowance for scratches on her coffee table sold on November 21, Sales Slip 1006; issued Credit Memorandum 103 for $378, which includes $28 in sales tax.
30 Sold a clock to Elaine Brock; issued Sales Slip 1008 for $4,050 plus $324 sales tax.
1 Prepare a sales journal to record the above transactions.
2 Prepare general journal entries as needed.
3 Post the sales return transactions and column totals from the sales journal into the General ledger accounts. Then, post each transaction individually to accounts receivable subsidiary ledger accounts.
4 Prepare a schedule of accounts receivable.
Analyze:
Which customer has the highest balance owed at November 30, 2016?