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Need help completing attachment below. Sales Tax Payable Transactions. Copyright 2014 Christine Jonick Sales Tax Payable Transactions You are Jonick Corporation, a company that sells
Need help completing attachment below. Sales Tax Payable Transactions.
Copyright 2014 Christine Jonick Sales Tax Payable Transactions You are Jonick Corporation, a company that sells merchandise to customers. 1. 2. Journalize the transactions below. Post the transactions for January to the ledgers. You will only post to the 1 Sales Tax Payable account. 1 1/4 You sell merchandise on account to Blair Company for $15,900. The cost of merchandise sold is $7,500. There is a 7% sales tax on the transaction. Date 1/4 1/11 Debit Credit You sell merchandise on account to Copper Company for $8,800. The cost of merchandise sold is $4,100. There is a 7% sales tax on the transaction. Date 1/11 1/18 Account Account Debit Credit You sell merchandise for cash to Dean Company for $3,300. The cost of merchandise sold is $1,600. There is a 7% sales tax on the transaction. Date 1/18 Account Debit Credit 1/25 You sell merchandise on account to Ethan Company for $11,400. The cost of merchandise sold is $5,400. There is a 7% sales tax on the transaction. Date 1/25 2/10 Account Debit Credit You pay the sales tax collected in January to the state department of revenue. Date 2/10 Account Debit Credit Scoring Journal entries Ledger accounts Date Item Total Possible 5 1 6 Number Correct 0 0 0 Grade 0% Sales Tax Payable Debit Credit Debit Credit `Step by Step Solution
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