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Sample Problem

Sample Problem. Chapter 7.

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Sample Problem

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  1. Sample Problem Chapter 7

  2. 4Recording credit sales and posting from the sales journal.Discount Appliance Center is a retail store that sells household appliances. The firm’s credit sales for June are listed below, along with the general ledger accounts used to record these sales. The balance shown for Accounts Receivable is for the beginning of the month. Instructions • Open the general ledger accounts and enter the balance of Accounts Receivable for June 1. • Record the transactions in a sales journal like the one shown in Figure 7.4. Use 8 as the journal page number. • Total, prove, and rule the sales journal as of June 30. • Post the column totals from the sales journal to the proper general ledger accounts. General Ledger Accounts Analyze: What percentage of credit sales were for entertainment items?

  3. Sales Journal Page 8

  4. General Ledger

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