Solved: Sold 3400 of merchandise on account subject to a sales tax, Accounting Basics

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Sold 3400 of merchandise on account subject to a sales tax

1. Journalize the entries to record the following selected transactions:

a. Sold $3,400 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $2,000.

b. Paid $41,950 to the state sales tax department for taxes collected.

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Accounting Basics: Sold 3400 of merchandise on account subject to a sales tax

Reference No:- TGS01507183

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Accounting Basics: Sold 3400 of merchandise on account subject to a sales tax

Reference No:- TGS01507183

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