The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November Year 1 were $165,000, plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Yeart 3. Cash sales for December Year 1 were $180,000, plus sales tax of 7 percent. Required a. Record the preceding transactions in general Journal form b. Show the effect of the preceding transactions on a horizontal statements model like the one shown next. c. What was the total amount of sales tax paid in Year 1? d. What was the total amount of sales tax collected in Year 1? e. What amount of sales tax expense will be reported on the Year Tincome statement? Complete this question by entering your answers in the tabs below. Reg A Reg B Reg C to Record the preceding transactions in general journal form. (If no entry is required for a transaction/avent select "No journal entry required in the first account field) View transactionist View journal entry worksheet NO Event General Journal Credit 1 Debit 170.550 Cash Sa revenue Sales ayat 100.000 11.650 11.600 Pre The following selected transactions apply to Topeco Supply for November and December Year 1 November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month 1. Cash sales for November Year 1 were $165,000, plus sales tax of 7 percent. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1 3. Cash sales for December Year 1 were $180,000, plus sales tax of 7 percent. Required a. Record the preceding transactions in general journal form. b. Show the effect of the preceding transactions on a horizontal statements model like the one shown next c. What was the total amount of sales tax paid in Year 1? d. What was the total amount of sales tax collected in Year e. What amount of sales tax expense will be reported on the Year income statement? Complete this question by entering your answers in the tabs below. Req Red Flag to Show the effect of the preceding transactions on a horizontal statements model ke the one shown next(Enter any decreases to count balance with a mis on in the Cath Flow column, use the initials to designate operating activity for ting Financing activity for not afected) Assets Stoholders Income Sotmeal Common Cash File Payable Stock Caming Tee Extender Netcome 5 170,000 11.550 OOK 2 DA 3 Event (RA RC > PR The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November Year 1 were $165,000. plus sales tax of 7 percent 2 Topeca Supply paid the November sales tax to the state agency on December 10. Year 1. 3. Cash sales for December Year 1 were $180,000. plus sales tax of 7 percent. Required a. Record the preceding transactions in general journal form. b. Show the effect of the preceding transactions on a horizontal statements model like the one shown next. c. What was the total amount of sales tax paid in Year 1? d. What was the total amount of sales tax collected in Year 12 e. What amount of sales tax expense will be reported on the Year 1 income statement? Complete this question by entering your answers in the tabs below. Reg A Reg B Reg C to E What was the total amount of sales tax paid in Year 17 What was the total amount of sales tax collected in Year 17 What amount of sales tax expense will be reported on the Year 1 income statement? 10 $ d. Sales tax paid Sales tax collected Sales tax expense 11.560 11.550 12.000 $ $ e
