On August 10, Wallace Company recorded sales of merchandise inventory on account, $4,600. The sales were...
On August 10, Wallace Company recorded sales of merchandise inventory on account, $4,600. The sales were subject to sales tax of 6%. The company uses the perpetual inventory system. On September 30, Wallace paid $451 of sales tax to the state.
|
1. |
Journalize the transaction to record the sale on August 10. Ignore cost of goods sold. |
|
2. |
Journalize the transaction to record the payment of sales tax to the state. |
Homework Answers
1.
Sales tax payable =6%*4600 = 276
Accounts receivable Dr. 4876
Sales 4000
Sales tax 276
2.
Sales tax payable Dr. 451
Cash 451
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On August 10, Wallace Company recorded sales of merchandise
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