Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A. sold 64,400 of merchandise on account, subject to a sales tax of 4%. the cost of goods sold was 38,240. B. paid 38220 to
A. sold 64,400 of merchandise on account, subject to a sales tax of 4%. the cost of goods sold was 38,240.B. paid 38220 to the state sales tax dept. for taxes collected structions Jouma Chart of Accounts ASSETS REVENUE A 110 Cash 410 Sales B. 610 Rent Revenue EXPENSES 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Retums Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 510 Cost of Goods Sold 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expenso LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable All work saved. ET structions Chart of Accounts Journal PIUM A. B. 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Uneamed Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings I 312 Dividends
B. paid 38220 to the state sales tax dept. for taxes collected
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started