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Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450:  DR     DR or CR?      CR       On September 6, Elegant sells another cellular phone for $500: DR     DR or CR?      CR       The remittance of all sales tax to the tax board on October 23: DR     CR

Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450:  DR     DR or CR?      CR       On September 6, Elegant sells another cellular phone for $500: DR     DR or CR?      CR       The remittance of all sales tax to the tax board on October 23: DR     CR

College Accounting, Chapters 1-27
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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Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23.

Accounts Payable Merchandise Inventory Sales Discount
Cash Sales Sale Tax Payable

PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67).

  • Elegant Electronics sells a cellular phone on September 2 for $450: 
  • DR    
    DR or CR?     
    CR    
  •  
  • On September 6, Elegant sells another cellular phone for $500:
  • DR    
    DR or CR?     
    CR    
  •  
  • The remittance of all sales tax to the tax board on October 23:
  • DR    
    CR    

      

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