Journalize the entries to record the following selected transactions:
(a)Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510.
(b)Paid $436 to the state sales tax department for taxes collected.

Question

Kamala Karyampudi · Accepted Answer

Final Answer :  (a) Accounts Receivable 963 \quad  Sales 900 \quad  Sales Tax Payable 63 \quad  Cost of Merchandise Sold 510 \quad  Merchandise Inventory 510(b) Sales Tax Payable 436 \quad  Cash 436

Journalize the entries to record the following selected transactions:
(a)Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510.
(b)Paid $436 to the state sales tax department for taxes collected.

Definitions

Learning Objectives

Learning Objectives

Related questions

Journalize the entries to record the following selected transactions:(a)Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510.(b)Paid $436 to the state sales tax department for taxes collected.

Definitions

Learning Objectives

Learning Objectives

Related questions

Journalize the entries to record the following selected transactions:
(a)Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510.
(b)Paid $436 to the state sales tax department for taxes collected.