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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

JOURNALIZING SALES TRANSACTIONS Enter the following transactions in a sales journal. Use a 6% sales tax rate.

May 1 Sold merchandise on account to J. Adams, $2,000, plus sales tax. Sale No. 488.

  4 Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489.

  8 Sold merchandise cm account to A. Duck, $ 1,500, plus sales tax. Sale No. 490.

  11 Sold merchandise on account to E. Hill, $ 1,950, plus sales tax. Sale No. 491.

To determine

Record the given transaction in a sales journal.

Explanation

Sales Journal

Sales journal is one form of special journal book, which records all the sales transactions that are sold to customers on credit. In a single column sales journal, debit aspect of accounts receivable and credit aspect of inventory are recorded, and then posted to individual subsidiary customer account...

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