On July 5, Bramley Company recorded sales of merchandise inventory on account, $45,000. The sales were subject to sales tax of 8%. On August 15, Bramley Company paid the sales tax owed to the state from the July 5 transaction. Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15 Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound entry for this transaction.) Accounts and Explanation Date Jul. 5 Debit Credit

On July 5, Bramley Company recorded sales of merchandise inventory on account, $45,000. The sales were subject to sales tax of 8%. On August 15, Bramley Company paid the sales tax owed to the state from the July 5 transaction. Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15 Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound entry for this transaction.) Accounts and Explanation Date Jul. 5 Debit Credit

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Description: On July 5, Bramley Company recorded sales of merchandise inventory on account, $45,000.The sales were subject to sales tax of 8%. On August 15, Bramley Company paid the sales taxowed to the state from the July 5 transaction.Requirements1. Journalize

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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am. 117.
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