Consider the following transactions of Green Software: Mar. 31 Apr. 6 Recorded cash sales of $130,000, plus sales tax of 7% collected for the state of New Jersey. Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 31: Recorded cash sales of $130,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Date Mar. 31 Cash Accounts and Explanation Debit Credit Sales Revenue Sales Tax Payable
Consider the following transactions of Green Software: Mar. 31 Apr. 6 Recorded cash sales of $130,000, plus sales tax of 7% collected for the state of New Jersey. Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 31: Recorded cash sales of $130,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Date Mar. 31 Cash Accounts and Explanation Debit Credit Sales Revenue Sales Tax Payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Consider the following transactions of Green Software:
Mar. 31
Apr. 6
Recorded cash sales of $130,000, plus sales tax of 7% collected for the state of New Jersey.
Sent March sales tax to the state.
Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Mar. 31: Recorded cash sales of $130,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.)
Date
Mar. 31 Cash
Sales Revenue
Sales Tax Payable
Accounts and Explanation
Debit
Credit
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