Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 6 percent. Vail Book Mart engaged in the following transactions for Year 1 . Sales tax of 6 percent is collected on all sales. 1. Book sales, not including sales tax, for Year 1 amounted to $270,000cash. 2. Cash sales of miscellaneous items in Year 1 were $146,000, not including tax. 3. Cost of goods sold was $211,000 for the year. 4. Paid $130,000 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 preceding transactions. c. What is Vail Book Mart's net income for the year? Complete this question by entering your answers in the tabs below. What is the total amount of sales tax Vail Book Mart collected and paid for the year? Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) Journal entry worksheet Book sales, not Including sales tax, for Year 1 amounted to $270,000 cash. Record the transaction. Note: Enter debits before credits. Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction required" in the first account field.) Journal entry worksheet Cash sales of miscellaneous items in Year 1 were $146,000, not including tax. Record the transaction. Note: Enter debits before credits. Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction required" in the first account field.) Journal entry worksheet Cost of goods sold was $211,000 for the year. Record the transaction. Note: Enter debits before credits. 'repare the journal entries for the preceding transactions. (If no entry is required for a transaction/ equired" in the first account field.) Journal entry worksheet Paid $130,000 in operating expenses for the year. Record the transaction. Note: Enter debits before credits. Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction/ required" in the first account field.) Journal entry worksheet Paid the sales tax collected to the state agency. Record the transaction. Note: Enter debits before credits. 1. Book sales, not including sales tax, for Year 1 amounted to $270,000 cash. 2. Cash sales of miscellaneous items in Year 1 were $146,000, not including tax. 3. Cost of goods sold was $211,000 for the year. 4. Paid $130,000 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 preceding transactions. c. What is Vail Book Mart's net income for the year? Complete this question by entering your answers in the tabs below. What is Vall Book Mart's net Income for the year
