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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.
College Accounting, Chapters 1-27 ...
Solutions
College Accounting, Chapters 1-27 ...
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.
Record the given transaction in a sales journal.
Explanation of Solution
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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