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Journalize the entries to record the following selected transactions.
a. Sold $4,000 of merchandise on account, subject to a sales tax of 6%. The cost of merchandise sold was $2,360. For a compound transaction, if an amount box does not require an entry, leave it blank.
b. Paid $42,110 to the state sales tax department for taxes collected.

Respuesta :

hyderali230

Answer:

Journal Entries

                                               Dr.               Cr.

Sale of Merchandise

a. Account Receivable        $4,240

Sales                                                        $4,000

Sales Tax Payable                                  $240

Cost of Goods Sold             $2,360

Merchandise Inventory                          $2,360

b. Payment of Sales Tax

Sales tax Payable                 $42,110

Cash                                                         $42,110

Explanation:

Sales of Merchandise increase the account receivable and tax liability as well. Inventory has been reduced by the cost of merchandise.

Tax is paid and sales tax liability is reduced along with cash.

Answer:

Please see attached

Explanation:

Please see worked out entries on the attached papers

Ver imagen sakhilemdletshesm30
Ver imagen sakhilemdletshesm30

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