On July 5, W company recorded sales of merchandise inventory on account, $ 60000. The sales...
On July 5, W company recorded sales of merchandise inventory on account, $ 60000. The sales were subject to sales tax of 4%. On August 15, W company paid the sales tax owed to the state from the July 5 transaction.
Journalize the transaction to record sale.
Journalize the transaction to record the payment of sales tax to the state.
Homework Answers
1)
| Date | General Journal | Debit | Credit |
| July 5 | Accounts Receivable | $62,400 | |
| Sales Revenue | $60,000 | ||
| Sales Tax Payable ($60,000 × 0.04) | $2,400 |
2)
| Date | General Journal | Debit | Credit |
| August 15 | Sales Tax Payable | $2,400 | |
| Cash | $2,400 |
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