Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer in same format. The company use aidS6 Oo sale On August the state. 0, Hanley om any recorded sales of merchandise inventory on

Please answer in same format.image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The company use aidS6 Oo sale On August the state. 0, Hanley om any recorded sales of merchandise inventory on account, 54 e sa s ere su e to saes ax o 0 the perpetua inventory system n eptember 0 Hane to 1. Journalize the transaction to record the sale on August 10. Ignore cost of goods sold. 2. 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.) 1. Journalize the transaction to record the sale on August 10. Ignore cost of goods sold Date Accounts and Explanation Debit Credit Aug. 10 2. Journalize the transaction to record the payment of sales tax to the state. Date Accounts and Explanation Debit Credit Sep. 30 Date Accounts and Explanation Aug. 10 Accounts Receivable Cash Sales Revenue Sales Tax Expense 2. Journalize Sales Tax Payable Date Accounts and Explanation Debit Credit Aug. 10 2. Journalize To record cash sales and the related sales tax. Date To record sales of merchandise inventory and the related sales tax. Sep. 30 To record sales tax expense. Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Quantitative Analysis Of Finance And Accounting New Series Volume 17

Authors: Cheng-Few Lee

1st Edition

9866286754, 978-9866286759

More Books

Students also viewed these Accounting questions