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Journal entry worksheet Cash sales for November Year 1 were $65,500, plus sales tax of 9 percent. Record the transaction. Note: Enter debits before credits.
Journal entry worksheet Cash sales for November Year 1 were $65,500, plus sales tax of 9 percent. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Cash sales for December Year 1 were $83,500, plus sales tax of 9 percent. Record the transaction. Note: Enter debits before credits. b. Show the effect of the preceding transactions in a horizontal statements model. c. What was the total amount of sales tax paid in Year 1? d. What was the total amount of sales tax collected in Year 1? e. What amount of sales tax expense will be reported on the Year 1 income statement? Complete this question by entering your answers in the tabs below. Show the effect of the preceding transactions in a horizontal statements model. (Enter any decreases to account balances initials OA to designate operating activity, IA for investing activity, FA for financing activity, or leave blank for not affected Required a. Record the preceding transactions in general journal form. b. Show the effect of the preceding transactions in a horizontal statements model. c. What was the total amount of sales tax paid in Year 1? d. What was the total amount of sales tax collected in Year 1? e. What amount of sales tax expense will be reported on the Year 1 income statement? Complete this question by entering your answers in the tabs below. c. What was the total amount of sales tax paid in Year 1? d. What was the total amount of sales tax collected in Year 1? e. What amount of sales tax expense will be reported on the Year 1 income statement
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