Sales tax transactionsInstructionsInstructionsJournalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording ofaccount titles.Journal1Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wo23Chart of Accounts JournalA. 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.DATEDESCRIPTIONJOURNALPOST. REF.DEBIT1

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Description: Sales tax transactionsInstructionsInstructionsJournalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording ofaccount titles.Journal1Journalize the entries to record the selected transactions

Journal entries are the first or primary entry for any transaction in the books of accounts.

Business

Accounting

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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