Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240. B. Paid $38,220 to the state sales tax department for taxes collected.

Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240. B. Paid $38,220 to the state sales tax department for taxes collected.

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Description: Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles.A.Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240.B.

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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A.	Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240.
B.	Paid $38,220 to the state sales tax department for taxes collected.