Question
PR-8-9-10 The following transactions relate to Peidman Company. -On July 15 , Peidman Company sold $19,000 of merchandise (costing $9,500). The sales tax rate is
PR-8-9-10
The following transactions relate to Peidman Company.
-On July 15, Peidman Company sold $19,000 of merchandise (costing $9,500). The sales tax rate is 4%. Peidman was paid in cash.
-On August 1, Peidman sent the sales tax collected from the sale to the government.
-On November 3, the Peidman received $570 cash from a customer for services to be performed over the next 6 months.
-On November 30, the Peidman complete one-month of services for the customer who paid on November 3. (this represented one-sixth of the services that must be provided).
REQUIREMENTS:
Record journal entries for the above transactions.
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