ayroll, Sales Tax Tablity, General Journal tabs. On September 1, Xavier purchased $10,000 worth of equipment on a bank line f credit. He paid down that line of credit by $6,800 on September 28. On September 30, the business ran payroll for their employee, Eddie. Crankshaft customs matches the FICA contribution that is withdrawn from ddie's gross earnings. On September 10, there was $1,900 in revenue from mobile detailing paid in ash.
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All of this makes sense, thank you, except for Sept 22nd the Cost of Sales is missing. (On Sept 22, four customers paid cash for a total of $24,000 in custom work. The Cost of Sales for this revenue was $8,000. Note that the company does not hold inventory related to custom work.)
For the cost of sales what account is debited and what account is credited?
by Bartleby ExpertThe General Journal was not completed. Please fill out the missing answers for these dates:
1) Sept 28th - on Sept 1, Xavier purchased $10,000 worth of equipment on a bank line of credit. *He paid down that line of credit by $6,800 on September 28th.
2) Sept 30th - on Sept 30, the business ran payroll for their employee, Eddie. Crankshaft customs matches the FICA contribution that is withdrawn from Eddie’s gross earnings. *FICA contribution was $500
3) Sept 22nd - on Sept 22, four customers paid cash for a total of $24,000 in custom work. The Cost of Sales for this revenue was $8,000. Note that the company does not hold inventory related to custom work.
4) Sept 15th - on Sept 15, Crankshaft Customs remitted the balance of their Quarter 3 sales tax liability. *Total Sales Tax Liability $1,000
5) Sept 25th - on Sept 25, they paid $1,000 toward the Note Payable account.
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