Warehouse, a leather shop that sells luggage, handbags, business cases, and er goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%. May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax.
9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax.
12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit. ld merchandise on account to 18 Joyce McKay, $110.00, plus sales tax.
19 Sold merchandise on account to Tim Caney, $165.00, plus sales tax.
22 Received payment from James Koffsky on account.
26 Joyce McKay was given an allowance of $30.00 when she reported damage in the merchandise purchased May 18.
28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax. 22 26 28 31 31
29 Sold merchandise on acount to Kevin Nolon, $230.00, plus sales tax.
31 Received payment from Joyce McKay on account
31 Cash sales for the month were $2,600, plus sales tax
Required:
1. Enter the above transactions in the appropriate journal
2. Post the entries from the journals to the subsidiary ledgers