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Elegant Electronics sells a cellular phone on September 2 for $520. On September 6, Elegant sells another cellular phone for $570. Sales tax is computed
Elegant Electronics sells a cellular phone on September 2 for $520. On September 6, Elegant sells another cellular phone for $570. Sales tax is computed at 4.0 percent of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on October 23. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. Cash Sept. 2 540.80 Sales Tax Payable 520 520 X Sales 20.80 Cash Sept. 6 592.80 Sales Tax Payable Sales III II II Oct. 23 Sales Tax Payable Cash
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