Following are some event that Alkhaleej Inc. did in 2015, 1- On September 10, Alkhaleej Inc....

 

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Following are some event that Alkhaleej Inc. did in 2015, 1- On September 10, Alkhaleej Inc. had a sale of $100,000 and it collected the sales tax from the customer on behalf of the government. Sales tax rate was 5% 2- Alkhaleej Inc. rented one of its plants to another company for 6 month and received the full amount of $60,000 in advance. Required: Prepare the appropriate transactions for the above events. Following are some event that Alkhaleej Inc. did in 2015, 1- On September 10, Alkhaleej Inc. had a sale of $100,000 and it collected the sales tax from the customer on behalf of the government. Sales tax rate was 5% 2- Alkhaleej Inc. rented one of its plants to another company for 6 month and received the full amount of $60,000 in advance. Required: Prepare the appropriate transactions for the above events.

Answer rating: 100% (QA)

Sales transaction Cash account Debit 100000 Sales revenue account Credit 100000 Sales tax payable ac... View the full answer