1. Home Depot has a store in Glen Ellyn and is required to collect 5% sales...
1. Home Depot has a store in Glen Ellyn and is required to collect 5% sales taxes on all merchandise sales The merchandise sales for the month of April were $162,000. Record journal entry for –
a. sales that Home Depot makes
b.payment of the sales tax to Glen Ellyn
Homework Answers
a.
| General Journal | Debit | Credit |
| Cash | $170,100 | |
| ... Sales revenue | $162,000 | |
| ... Sales tax payable (5%*$162,000) | $8,100 | |
| (To record sales) |
b.
| General Journal | Debit | Credit |
| Sales tax payable | $8,100 | |
| ... Cash | $8,100 | |
| (To record sales tax payment) |
Add Answer to:
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Required information
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Required information
Exercise 5-6B Record credit sales with a sales allowance (LO5-1,
5-2)
[The following information applies to the questions
displayed below.]
On April 25, a company installs wiring in a new home for $3,000 on
account. However, on April 27, the company's work does not pass
inspection, and the company grants the customer an allowance of
$550 because of the problem. The customer makes full payment of the
balance owed, excluding the allowance, on April 30.
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