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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%)

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