Question: 11-2 Accounting question. Please answer in format shown On July 5, Fawn Company recorded sales of merchandise inventory on account. $5000. The sales were subject
On July 5, Fawn Company recorded sales of merchandise inventory on account. $5000. The sales were subject to sales tax of 10%. On August 15, Fawn Company paid $4.650 of sales tax to the state. Requirements Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. Journalize the transaction to record the payment of sales tax to the state. (Check your spelling carefully and do not abbreviate. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirements 1. Journalize the transactions to record the sale on July 5. Ignore cost of goods sold.(Prepare a single compound entry for this transaction.)
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