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nekit [7.7K]
3 years ago
10

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:
jeka943 years ago
6 0

Answer:

See the journal entries below.

Explanation:

The journal entries will look as follows:

<u>Date       Description                                              Debit ($)          (Credit)   </u>

May 1      Accounts receivable - J. Adams               2,120

                 Sales                                                                              2,000

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

<u><em>               (To record Sale No. 488.)                                                                 </em></u>

May 4      Accounts receivable - B. Clark                1,908

                 Sales                                                                              1,800

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

<u><em>               (To record Sale No. 489.)                                                                 </em></u>

May 8      Accounts receivable - A. Duck                1,590

                 Sales                                                                              1,500

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

<u><em>               (To record Sale No. 490.)                                                                 </em></u>

May 11     Accounts receivable - E. Hill                    2,067

                 Sales                                                                              1,950

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

<u><em>               (To record Sale No. 491.)                                                                 </em></u>

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Answer:

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E6-23 (similar to) Aunt Betty Bakery reported net sales revenue of $ 59 comma 000 and cost of goods sold of $ 17 comma 000. Comp
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