4 years ago

Journalize the entries to record the following selected transactions.

Business

2 answers:

Inessa05 [86]4 years ago

7 0

Answer:

Please see attached

Explanation:

Please see worked out entries on the attached papers

zlopas [31]4 years ago

5 0

Answer:

Journal Entries

Dr. Cr.

Sale of Merchandise

a. Account Receivable $4,240

Sales $4,000

Sales Tax Payable $240

Cost of Goods Sold $2,360

Merchandise Inventory $2,360

b. Payment of Sales Tax

Sales tax Payable $42,110

Cash $42,110

Explanation:

Sales of Merchandise increase the account receivable and tax liability as well. Inventory has been reduced by the cost of merchandise.

Tax is paid and sales tax liability is reduced along with cash.

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