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Consider the following transactions of Gem Software: Mar. 31 Recorded cash sales of $160,000, plus sales tax of 8% collected
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Date Accounts titles and Explanation Debit ($) Credit ($)
Mar-31 Cash             1,72,800
             Sales          1,60,000
              Sales Tax             12,800
( To record cash sales plus 8% sales tax collected for state of New Jersey)
(sales tax =$160000*8% =$12,800)
Apr-06 Sales Tax                12,800
             Cash             12,800
( To tecord sales tax sent to state)
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