10. On March 25, 2014, Patton Company sold merchandise on account,$10,000. The a

Question

10.

On March 25, 2014, Patton Company sold merchandise on account,$10,000. The applicable sales tax percentage is 8.5%. Record the transaction.

Journal

Date

Description

Post Ref

Debit

Credit

11.

On March 29th, customers who owe $10,500.00 for purchases made on Sonic Sales Company submit payments of $4,250.00. Journalize this event.

On March 25, 2014, Patton Company sold merchandise on account,$10,000. The applicable sales tax percentage is 8.5%. Record the transaction.

Journal

Date

Description

Post Ref

Debit

Credit

Explanation / Answer

Hi,

Please find the answer as follows:

25th March

Accounts Receivable Dr. (10000 + 8.5*10000) 10850

Sales Cr. 10000

Sales Tax Payable Cr. 850

29th March

Cash Dr. 4250

Accounts Receivable Cr. 4250

Thanks.

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