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Please fill out the following tables and explain how you got the answer On July 5, Gunther Company recorded sales of merchandise inventory on account,
Please fill out the following tables and explain how you got the answer
On July 5, Gunther Company recorded sales of merchandise inventory on account, $50,000. The sales were subject to sales tax of 5%. On August 15, Gunther Company paid the sales tax owed to the state from the July 5 transaction. Requirements 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. Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound entry for this transaction.) Date Jul. 5 Accounts and Explanation Credit Debit 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 Aug. 15 Accounts and Explanation Credit Debit
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