Journalize the entries to record the following selected transactions. a. Sold $652,000 of merchandise on account, subject
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Question:
Journalize the entries to record the following selected transactions.
a. Sold $652,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $384,680.
If an amount box does not require an entry, leave it blank.
Accounts Receivable | |||
Sales | |||
Sales Tax Payable | |||
Cost of Goods Sold | |||
Inventory |
b. Paid $45,520 to the state sales tax department for taxes collected.
If an amount box does not require an entry, leave it blank.
Sales Tax Payable | |||
Cash |
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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