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Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $7,600 of...
Sales Tax Transactions
Journalize the entries to record the following selected transactions.
a. Sold $7,600 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $4,480.
If an amount box does not require an entry, leave it blank.
b. Paid $45,520 to the state sales tax department for taxes collected.
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Solutions
Expert Solution
a.
| General Journal | Debit | Credit |
| Accounts Receivable | $7,980 | |
| Sales Revenue | $7,600 | |
| Sales Tax Payable($7,600 * 5%) | $380 | |
| Cost of goods sold | $4,480 | |
| Inventory | $4,480 |
b.
| General Journal | Debit | Credit |
| Sales Tax Payable | $45,520 | |
| Cash | $45,520 |
ekkarill92 answered 3 years agoRelated Solutions
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