Journalizing Sales Transactions Enter the following transactions in a general journal. Use a 6% sales tax rate. May 1 Sold merch

Question

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Journalizing Sales Transactions Enter the following transactions in a general journal. Use a 6% sales tax rate. May 1 Sold merch

andise on account to J. Adams, $2,000 plus sales tax. Sale No. 488. 4 Sold merchandise on account to B. Clark, $1,800 plus sales tax. Sale No. 489. 8 Sold merchandise on account to A. Duck, $1,500 plus sales tax. Sale No. 490. 11 Sold merchandise on account to E. Hill, $1,950 plus sales tax. Sale No. 491. If an amount box does not require an entry, leave it blank.

Business

1 answer:

jeka94 · Answer 1 · 2022-04-02T06:19:30+03:00

Answer:

See the journal entries below.

Explanation:

The journal entries will look as follows:

Date Description Debit ($) (Credit)

May 1 Accounts receivable - J. Adams 2,120

Sales 2,000

Sales tax payable (6% * $2,000) 120

(To record Sale No. 488.)

May 4 Accounts receivable - B. Clark 1,908

Sales 1,800

Sales tax payable (6% * $1,800) 108

(To record Sale No. 489.)

May 8 Accounts receivable - A. Duck 1,590

Sales 1,500

Sales tax payable (6% * $1,500) 90

(To record Sale No. 490.)

May 11 Accounts receivable - E. Hill 2,067

Sales 1,950

Sales tax payable (6% * $1,950) 117

(To record Sale No. 491.)