DATE TRANSACTIONS 20X1 ept. 1 Sold a high-definition television set on credit to Cindy Chin; issued Sales Slip 101 for $1,200 plus sales tax of $84. 3 Sold stereo equipment on credit to Bob Perez; issued Sales Slip 102 for $1,400 plus sales tax of $98. 7 Sold a microwave oven on credit to Bobbi Huber; issued Sales slip 103 for $250 plus sales tax of $17.50. 12 Accepted return of defective stereo equipment from Bob Perez; issued Credit Memorandum 101 for $10 plus sales tax of $7. The stereo equipment was sold on September 3. 15 Recorded cash sales for the period from September 1 to September 15 of $9,400 plus sales tax of $658. 16 Sold a gas dryer on credit to Katie Kilgore; issued Sales Slip 104 for $600 plus sales tax of $42. 17 Sold a home entertainment system on credit to James Washington; issued Sales Slip 105 for $1,300 plus sales tax of $91. 18 Received $784 from Cindy Chin on account. 20 Received payment in full from Bob Perez for the sale of September 3, less the return of September 12. 25 Gave James Washington 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 Bobbi Huber for the sale of September 7. 29 Sold a dishwasher on credit to James Washington; issued Sales Slip 106 for $800 plus sales tax of $56. 30 Recorded cash sales for the period from September 16 to September 30 of $12,100 plus sales tax of $847. SENERAL LEDGER ACCOUNTS 101 Cash 401 Sales 111 Accounts Receivable 421 Sales Returns and Allowances 221 Sales Tax Payable

Define Permanent accounts

Identify Postings from Purchases Journal Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required: PURCHASES JOURNAL Page 49 Date Account Credited Post.Ref. AccountsPayableCr. StoreSuppliesDr. OfficeSuppliesDr. OtherAccountsDr. Post.Ref. Amount 20Y9                   Jan. 4 Coastal Equipment Co. (a) 5,325           Warehouse Equipment (g) 5,325 Jan. 6 Arrow Supply Co. (b) 4,000       4,000         Jan. 9 Valley Products (c) 1,875   1,600   275         Jan. 14 Office Warehouse (d) 2,200           Office Equipment (h) 2,200 Jan. 20 Office Warehouse (e) 6,000           Store Equipment (i) 6,000 Jan. 25 Metro Supply Co. (f) 2,740   2,740             Jan. 30     22,140   4,340   4,275       13,525       (j)   (k)   (l)       (m)   Post reference represents: a.   b.   c.…

What is a credit memo? When is it used?

Pharoah Company had these transactions during the current period. June 12 July 11 Nov. 28 Issued 81,500 shares of $1 par value common stock for cash of $305,625. Issued 4,150 shares of $102 par value preferred stock for cash at $109 per share. Purchased 3,050 shares of treasury stock for $9,800. Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)