Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is locat

Question

Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $10,000 cash plus 4 percent sales tax. The clock had originally cost Ahlers $6,000. Assume Ahlers uses a perpetual inventory system.

Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $10,000 cash plus 4 percent sales tax. The clock had originally cost Ahlers $6,000. Assume Ahlers uses a perpetual inventory system.

[The following information applies to the questions displayed below. Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the Empire Mall in Sioux Falls, South Dakota. Assume that a grandfather clock was sold for $10,000 cash plus 4 percent sales tax. The clock had originally cost Ahlers $6,000. Assume Ahlers uses a perpetual inventory system. value: 1.00 points 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sales revenue of $10,000 plus 4 percent sales tax. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Cash 10400 Sales revenue 10000 Sales tax payable (10000*4%) 4000 (To record sales revenue) Cost of goods sold 6000 Merchandise inventory 6000 (To record cost of goods sold)

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