Sales Tax Transactions ournalize the entries to record the following selected transactions. a. Sold $486,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $286,740. If an amount box does not require an entry, leave it blank. b. Paid $42,780 to the state sales tax department for taxes collected.
Sales Tax Transactions ournalize the entries to record the following selected transactions. a. Sold $486,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $286,740. If an amount box does not require an entry, leave it blank. b. Paid $42,780 to the state sales tax department for taxes collected.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Sales Tax Transactions
Journalize the entries to record the following selected transactions.
a. Sold $486,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $286,740.
If an amount box does not require an entry, leave it blank.
b. Paid $42,780 to the state sales tax department for taxes collected.
If an amount box does not require an entry, leave it blank.
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Transcribed Image Text:Sales Tax Transactions
Journalize the entries to record the following selected transactions.
a. Sold $486,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $286,740.
If an amount box does not require an entry, leave it blank.
b. Paid $42,780 to the state sales tax department for taxes collected.
If an amount box does not require an entry, leave it blank.
Check My Work
▾
Previous
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