Vail Book Mart sellis books and other supplies to students in a state where the sales tax rate is 8 percent. Vail Book Mart engaged in the following transactions for 2016. Sales tax of 8 percent is collected on all sales. 1. Book sales, not including sales tax, for 2016 amounted to $279,000 cash. 2. Cash sales of miscellaneous items in 2016 were $149,000, not including tax. 3. Cost of goods sold was $211,000 for the year 4. Paid $129,000 in operating expenses for the year 5. Paid the sales tax collected to the state agency Required: a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? b. Prepare the jounal entries for the above transactions. (If no entry is required for a transaction/event select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Book sales, not including sales tax, for 2016 amounted to $279,000 cash. Note: Enter debits before credits tax payable MacBook Pro 0 F3 esc #6 F2 Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail Book Mart engaged in the following transactions for 2016. Sales tax of 8 percent is collected on all sales 1. Book sales, not including sales tax, for 2016 amounted to $279,000 cash 2. Cash sales of miscellaneous items in 2016 were $149,000, not including tax. 3. Cost of goods sold was $211,000 for the year. 4. Paid $129,000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency. Required a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? b. Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Cash sales of miscellaneous items in 2016 were $149,000, not including tax. Note: Enter debits before credits. Event Debit Credit Cash Sales tax payable sales Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent Vail Book Mart engaged in the following transactions for 2016. Sales tax of 8 percent is collected on all sales 1. Book sales, not including sales tax, for 2016 amounted to $279,000 cash. 2. Cash sales of miscellaneous items in 2016 were $149,000, not including tax. 3. Cost of goods sold was $211,000 for the year. 4. Paid $129,000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency Required: a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? Sales tax b. Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Cost of goods sold was $211,000 for the year Note: Enter debits before credits nt General Journal Debit Credit Cost of goods sold Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail Book Mart engaged in the following transactions for 2016. Sales tax of 8 percent is collected on al sales 1. Book sales, not including sales tax, for 2016 amounted to $279,000 cash. 2. Cash sales of miscellaneous items in 2016 were $149,000, not including tax 3. Cost of goods sold was $211,000 for the year. 4. Paid $129,000 in operating expenses for the year. 5. Paid the sales tax collected to the state agency. Required a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? b. Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Paid $129,000 in operating expenses for the year Note: Enter debits before credits. Debit MacBook Pro :9 FI esc F4 F5 F2 Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent Vail Book Mart engaged in the following transactions for 2016. Sales tax of 8 percent is collected on all sales. 1. Book sales, not including sales tax, for 2016 amounted to $279,000 cash. 2. Cash sales of miscellaneous items in 2016 were $149,000, not including tax. 3. Cost of goods sold was $211,000 for the year. 4. Paid $129,000 in operating expenses for the year. 5 Paid the sales tax collected to the state agency. Required: a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? Sales tax collected b. Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Paid the sales tax collected to the state agency. Note: Enter debits before credits. Journal Debit tax payable Cash