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Basement Living sells outdoor furniture and accessories. They operate in a state which has a 4% sales tax. The following transactions occurred during November, 2019
Basement Living sells outdoor furniture and accessories. They operate in a state which has a 4% sales tax. The following transactions occurred during November, 2019 Nov 5 Sold inventory to a customer for $5,200 plus sales tax on account. The inventory costs $3,900. Nov 25 Sold inventory to a customer for $6,900 plus sales tax for cash. The inventory costs $3,680. Nov 27 Received the total amount owing from the customer from Nov 5. Nov 30 Remitted the sales tax to the government. Record the transactions for November 2019. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole dollar. For transactions that have more than one debit or more than one credit, enter the accounts in alphabetical order. Date Account Title and Explanation Nov 5 Nov 5 Sales on account May 25 COGS for the above sale May 25 May 27 May 31 Sales for Cash COGS for the above sale Received cash from customer Sales tax remittance Debit Credit
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