Homework Answers
Solution :
Journal Entries:
| Date | Accounting Title | Debit ($) | Credit ($) |
| Sep 30 | Cash | 17600 | |
| Sales | 16000 | ||
| Sales Tax Payable | 1600 | ||
|
(Being merchandise sold with sales tax) |
|||
| Sep 30 | Cost of goods sold | 11200 | |
| Merchandise Inventory | 11200 | ||
| Oct 15 | Sales tax payable | 1600 | |
| Cash | 1600 | ||
| ( Being Sales tax paid) |
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