Journalize the entries to record the following selected transactions. Refer to t
ID: 2568556 • Letter: J
Question
Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $63,600 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,900. B. Paid $39,020 to the state sales tax department for taxes collected.
Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts General Ledger ASSETS REVENUE 410 Sales 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment 610 Rent Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies ExpenseExplanation / Answer
Date Desc. Post ref. Debit Credit Assets Liabilities Equity A Accounts receivable 66780 66780 Sales 63600 63600 Sales tax payable 3180 3180 Cost of goods sold 37900 -37900 Inventory 37900 -37900 B Sales tax payable 39020 -39020 Cash 39020 -39020
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