Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $61,900 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,430. B. Paid $40,280 to the state sales tax department for taxes collected.
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $61,900 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,430. B. Paid $40,280 to the state sales tax department for taxes collected.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![Sales tax transactions
Instructions
Instructions
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of
account titles.
Journal
1
Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wo
2
3
Chart of Accounts Journal
A. Sold $61,900 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was
$37,430.
B. Paid $40,280 to the state sales tax department for taxes collected.
DATE
DESCRIPTION
JOURNAL
POST. REF.
DEBIT
1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d91039a-4ee7-408c-877c-417bb564466b%2Fbcc041c8-dafa-4c06-87e4-18eb70b6ac8b%2Fpbpi23h_processed.png&w=3840&q=75)
Transcribed Image Text:Sales tax transactions
Instructions
Instructions
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of
account titles.
Journal
1
Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wo
2
3
Chart of Accounts Journal
A. Sold $61,900 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was
$37,430.
B. Paid $40,280 to the state sales tax department for taxes collected.
DATE
DESCRIPTION
JOURNAL
POST. REF.
DEBIT
1
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