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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 81
Sales tax transactions
Journalize the entries to record the following selected transactions:
a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.
b. Paid $39,650 to the state sales tax department for taxes collected.
Journalize the entries to record the following selected transactions:
a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.
b. Paid $39,650 to the state sales tax department for taxes collected.
Explanation
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The sales tax is collected by the seller...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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