Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $61,700 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $38,720. B. Paid $40,670 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 $61,700 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $38,720. B. Paid $40,670 to the state sales tax department for taxes collected.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A. | Sold $61,700 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $38,720. |
B. | Paid $40,670 to the state sales tax department for taxes collected. |
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Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.
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