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On July 5, Brenner Company recorded sales of merchandise inventory on account, $30,000. The sales were subject to sales tax of 4%. On August 15,
On July 5, Brenner Company recorded sales of merchandise inventory on account, $30,000. The sales were subject to sales tax of 4%. On August 15, Brenner 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. Jul. 5 Accounts Receivable 1200 Sales Revenue 1200 Sales Tax Payable 1200 to the state on t line of the Requi August To record cash sales and the related sales tax. Journal To record sale byevenue on account and the related sales tax. To record sales tax expense. Date it Credit Aug Choose from any list or enter any number in the input fields and then continue to the ne? question. Requirement 2. Journalize the transaction to record the payment of sales tax to the state on August 15. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Aug, 15 ontinue to the ne? Choose to record cash payment for sales tax payable. questio To record sales tax expense. To record sales tax receivable. O M d
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