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Ahlers Clocks is a retailer of wall, mantle, and grandfather clocks and is located in the...

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

[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
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Answer #1

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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