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Journalize the entries to record the following selected transactions: (9.5 pts) 12/20 - Sold $900 of...

Journalize the entries to record the following selected transactions: (9.5 pts)

12/20 - Sold $900 of merchandise on account, subject to 7% sales tax.  The cost of the merchandise sold was $510.

12/31 - Paid $436 to the state sales tax department for taxes collected.

Date

Account Titles

Debits

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Expert Solution

Journal entries:
Date Accounts title and explanations Debit $ Credit $
20-Dec Accounts receivable Account Dr. 963
       Sales revenue 900
       Sales tax payable Account (900*7%) 63
Cost of Goods sold Account Dr. 510
     Inventory Account 510
31-Dec Sales tax payable Account Dr. 436
     Cash account 436

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