Journalizing Sales TransactionsEnter the following transactions in a sales journal. Use a 6% sales tax rate.May 1Sold merchandise on account to J. Adams, $1,800, plus sales tax. Sale No. 488.4Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489.8Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490.11Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491. Page: 1ACCOUNTSSALES TAXSALEPOST.SALESDATETO WHOM SOLDRECEIVABLEPAYABLENO.REF.CREDITDEBITCREDITМ. d11М.d2М. d3М.d443.

Date Sale No. To whom Sold Post ref Account Receivable Debit Sales credit Sales tax payable credit…

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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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Journalizing Sales Transactions

Enter the following transactions in a sales journal. Use a 6% sales tax rate.

May 1	Sold merchandise on account to J. Adams, $1,800, plus sales tax. Sale No. 488.
4	Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489.
8	Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490.
11	Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491.

Page: 1
ACCOUNTS
SALES TAX
SALE
POST.
SALES
DATE
TO WHOM SOLD
RECEIVABLE
PAYABLE
NO.
REF.
CREDIT
DEBIT
CREDIT
М. d
1
1
М.d
2
М. d
3
М.d
4
4
3.

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