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	Credits

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

ekkarill92 answered 3 years ago

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