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Enter the above transactions in the appropriate journal

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Problem - Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, and other leather 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.

May 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax.

May 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit.

May 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax.

May 19 Sold merchandise on account to Tim Carney, $165.00, plus sales tax.

May 22 Received payment from James Koffsky on account.

May 26 Joyce McKay was given an allowance of $30.00 when she reported damage in the merchandise purchased May 18.

May 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax.

May 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax.

May 31 Received payment from Joyce McKay on account.

May 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 provided.

Reference no: EM131714274

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