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Sarcs Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. 1.
Sarcs Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. 1. No sales tax. (a) Merchandise is sold for $320 cash. (b) Merchandise is sold on account for $385. (c) Payment is received for merchandise sold on account. Cash Accounts Receivable Sales 2. 5% sales tax. (a) Merchandise is sold for $320 cash plus sales tax. (b) Merchandise is sold on account for $385 plus sales tax. (c) Payment is received for merchandise sold on account. Cash Accounts Receivable Sales Tax Payable Sales 3. Cash and credit sales, with returned merchandise. (a) Merchandise is sold for $340 cash. (b) $30 of merchandise sold for $340 is returned for refund. (c) Merchandise is sold on account for $280. (d) $25 of merchandise sold for $280 is returned for a credit. (e) Payment is received for balance owed on merchandise sold on account. Cash Accounts Receivable
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