On July 5,WinterWinterCompany recorded sales of merchandise inventory on account, $60,000.The sales were subject to sales...
On July 5,WinterWinterCompany recorded sales of merchandise inventory on account, $60,000.The sales were subject to sales tax of3%.On August 15,Winter Company paid the sales tax owed to the state from the July 5 transaction.
Requirements
|
1. |
Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. |
|
2. |
Journalize the transaction to record the payment of sales tax to the state on August 15. |
Homework Answers
| Date | Accounting titles & Explanations | Debit | Credit |
| July 05 | Account receivable | $61,800 | |
| Sales | $60,000 | ||
| Sales Tax payable ($60,000 x 3%) | $1,800 | ||
| Aug 15 | Sales tax payable | $1,800 | |
| Cash | $1,800 | ||
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