On July 5, Feather Company recorded sales of merchandise inventory on account, $20,000. The sales were subject

Question:

On July 5, Feather Company recorded sales of merchandise inventory on account, $20,000. The sales were subject to sales tax of 9%. On August 15, Feather Company paid $1,200 of sales tax to the state.
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.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Horngrens Financial and Managerial Accounting

ISBN: 978-0133866292

5th edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

Question Posted: