Answered

Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Ask your questions and receive precise answers from experienced professionals across different disciplines. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

JOURNALIZING SALES TRANSACTIONS. Enter the following transactions in a sales journal. Use a 6% sales tax rate.
May 1 Sold merchandise on account to J. Adams, $2,000, plus sales tax. Sale No. 488.
4 Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489.
8 Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490.
11 Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491.

Sagot :

abiolataiwo2015

Answer:

May 1

Dr Accounts Receivable- J. Adams2120

Cr Sales $2,000

Sales Tax Payable 120

May 4

Dr Accounts Receivable- B. Clark 1908

Cr Sales 1800

Cr Sales Tax Payable 108

May 8

Dr Accounts Receivable- A. Duck 1590

Cr Sales 1500

Cr Sales Tax Payable 90

May 11

Dr Accounts Receivable- E. Hill 2067

Cr Sales 1950

Cr Sales Tax Payable 117

Explanation:

Preparation of sales journal entries

May 1

Dr Accounts Receivable- J. Adams2120

(2,000+120)

Cr Sales $2,000 Sales Tax Payable 120

($2,000*6%)

May 4

Dr Accounts Receivable- B. Clark 1908

(1800+108)

Cr Sales 1800

Cr Sales Tax Payable 108

(1800*6%)

May 8

Dr Accounts Receivable- A. Duck 1590

(1500+90)

Cr Sales 1500

Cr Sales Tax Payable 90

(1500*6%)

May 11

Dr Accounts Receivable- E. Hill 2067

(1950+117)

Cr Sales 1950

Cr Sales Tax Payable 117

(1950*6%)

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.