Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On July 5 , Feather Company recorded sales of merchandise inventory on account, $ 2 0 , 0 0 0 . The sales were subject
On July Feather Company recorded sales of merchandise inventory on account, $ The sales were subject to sales tax of On August Feather Company paid $ of sales tax to the state.
Requirements
Joumalize the transaction to record the sale on July Ignore cost of goods sold.
Journalize the transaction to record the payment of sales tax to the state.
Record debits first, then credits. Select the explanation on the last line of the journal entry table.
Requirement Journalize the transaction to record the sale on July Ignore cost of goods sold. Prepare a single compound entry for this transaction.
tableDateAccounts and Explanation,Debit,CreditJulAccounts Receivable,Sales Revenue,Sales Tax Payable,To record sales revenue on account and the related sales tax.,,
Requirement Journalize the transaction to record the payment of salintax to the state.
tableDateAccounts and Explanation,Debit,CreditAug
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started