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On July 5, Bramley Company recorded sales of merchandise inventory on account, $15,000. The sales were subject to sales tax of 5%. On August 15,
On July 5,
Bramley
Company recorded sales of merchandise inventory on account,
$15,000.
The sales were subject to sales tax of
5%.
On August 15,
Bramley
Company paid the sales tax owed to the state from the July 5 transaction.
Requirements
1. | Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. |
2. | Journalize the transaction to record the payment of sales tax to the state on August 15 |
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