The following transactions took place at Five Flags Amusement Park during May. F

Question

The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales: DATE TRANSACTIONS 2019 May 1 Sold merchandise on account to Dill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30. 15 Recorded cash sales, $5,800 plus B percent sales tax. 31 Received payment on account due from Bill Gomez for the sale on May 1. View transaction list Journal entry worksheet Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30. Note: Enter debits before credits Date General Journal Debit Credit May 01, 2019

Explanation / Answer

1.

2.

3.

date general journal debit credit may 1 2018 Accounts receivable a/c $1,296 ...........To sales revenue a/c $1,200 ............To Sales tax liability a/c $96 (sales tax = 1200 * 8% =>96)

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.