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The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all
The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales: DATE TRANSACTIONS 20X1 May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,150 plus 8 percent sales tax, terms n/30. 15 Recorded cash sales, $3,100 plus 8 percent sales tax. 31 Received payment on account due from Bill Gomez for the sale on May 1. Required: Record the above transactions in a general journal: View transaction list Journal entry worksheet < 1 2 3 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,150 plus 8 percent sales tax, terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit May 1, 20X1 Accounts receivable/Bill Gomez Sales tax payable Sales 92 >
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