Chapter 12 HomeworkeBookShow Me HowPrint ItemJournalizing Sales TransactionsEnter the following transactions in a sales journal. Use a 6% sales tax rate.Sept. 1 Sold merchandise on account to K. Smith, $1,700, plus sales tax. Sale No. 228.3 Sold merchandise on account to J. Arnes, $2,900, plus sales tax. Sale No. 229.5 Sold merchandise on account to M. Denison, $2,700, plus sales tax. Sale No. 230.7 Sold merchandise on account to B. Marshall, $1,500, plus sales tax. Sale No. 231.ACCOUNTSRECEIVABLEDEBITPage: 1SALES TAXPAYABLECREDIT>SALENO.POST.REF.SALESCREDITDATETO WHOM SOLDМ.d11М. d22М.dМ.d443.

It is pertinent to note that sales tax collected during sale is a liability and the same need to be…

Answered: Use a 6% sales tax rate.

Business

Accounting

Use a 6% sales tax rate.

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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Question

Chapter 12 Homework
eBook
Show Me How
Print Item
Journalizing Sales Transactions
Enter the following transactions in a sales journal. Use a 6% sales tax rate.
Sept. 1 Sold merchandise on account to K. Smith, $1,700, plus sales tax. Sale No. 228.
3 Sold merchandise on account to J. Arnes, $2,900, plus sales tax. Sale No. 229.
5 Sold merchandise on account to M. Denison, $2,700, plus sales tax. Sale No. 230.
7 Sold merchandise on account to B. Marshall, $1,500, plus sales tax. Sale No. 231.
ACCOUNTS
RECEIVABLE
DEBIT
Page: 1
SALES TAX
PAYABLE
CREDIT
>
SALE
NO.
POST.
REF.
SALES
CREDIT
DATE
TO WHOM SOLD
М.d
1
1
М. d
2
2
М.d
М.d
4
4
3.

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