Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mar Apr. 31 Recorded cash sales of $160,000, plus sales tax of 8% collected for the state of New Jersey. 6 Sent March sales tax
Mar Apr. 31 Recorded cash sales of $160,000, plus sales tax of 8% collected for the state of New Jersey. 6 Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar, 31: Recorded cash sales of $160,000, plus sales tax of 8% collected for the state of New Jersey. (Prepare a single compound entry for this transaction) Date Account Accounts and Explanation Debit Credit Mar. 31 172.800 Sales Revenue Sales Tax Payable 160,000 12,800 To record cash sales and the related sales tax. Apr. 6: Sent March sales tax to the state. Mar. 31 Recorded cash sales of $160,000, plus sales tax of 8% collected for the state of New Jersey. Apr. 6 Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last ine of the journal entry table.) To record cash sales and the related sales tax. Apr. 6: Sent March sales tax to the state. Date Accounts and Explanation Debit Credit Apr. 6 11
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started