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On July 5, Gunther Company recorded sales of merchandise inventory on account, $50,000. The sales were subject to sales tax of 5%. On August 15, Gunther 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.) Date Jul. 5 Accounts and Explanation Debit Credit Requirement 2. Journalize the transaction to record the payment of sales tax to the state on August 15. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Aug. 15

On July 5, Gunther Company recorded sales of merchandise inventory on account, $50,000. The sales were subject to sales tax of 5%. On August 15, Gunther 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.) Date Jul. 5 Accounts and Explanation Debit Credit Requirement 2. Journalize the transaction to record the payment of sales tax to the state on August 15. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Aug. 15

FINANCIAL ACCOUNTING
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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On July 5, Gunther Company recorded sales of merchandise inventory on account, $50,000. The sales were subject to sales tax of 5%. On August 15, Gunther 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.) Date Jul. 5 Accounts and Explanation Debit Credit Requirement 2. Journalize the transaction to record the payment of sales tax to the state on August 15. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Aug. 15
Transcribed Image Text:On July 5, Gunther Company recorded sales of merchandise inventory on account, $50,000. The sales were subject to sales tax of 5%. On August 15, Gunther 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.) Date Jul. 5 Accounts and Explanation Debit Credit Requirement 2. Journalize the transaction to record the payment of sales tax to the state on August 15. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Aug. 15
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