Journalize the entries to record the following selected transactions:i. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold0.was $510.ii. Paid $436 to the state sales tax department for taxes collected.DateDescriptionPost.DebitCreditRef.-C 121ReviewBununo

A journal entry is a form of accounting entry that is used to report a business transaction in a…

Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510. ii. Paid $436 to the state sales tax department for taxes collected. Date Description Post. Debit Credit Ref.

Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold was $510. ii. Paid $436 to the state sales tax department for taxes collected. Date Description Post. Debit Credit Ref.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Question

Journalize the entries to record the following selected transactions:
i. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold
0.
was $510.
ii. Paid $436 to the state sales tax department for taxes collected.
Date
Description
Post.
Debit
Credit
Ref.
-C 121
Review
Bununo

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