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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 5% sales tax rate.

Sept. 1 Sold merchandise on account to K. Smith, $ 1,800, plus sales tax. Sale No. 228.

  3 Sold merchandise on account to J. Arnes, $3,100, plus sales tax. Sale No. 229.

  5 Sold merchandise on account to M. Denison, $2,800, plus sales tax. Sale No. 230.

  7 Sold merchandise on account to B. Marshall, $1,900, plus sales tax. Sale No. 231.

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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