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During August, Hill Sales Company had these summary transactions: 1. Cash sales of...

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Accounting

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During August, Hill Sales Company had these summary transactions: 1. Cash sales of $220,000, subject to sales taxes of 6%. 2. Sales on account of $270,000, subject to sales taxes of 6%. 3. Paid the sales taxes to the state. Required: Prepare journal entries to record the preceding transactions. CHART OF ACCOUNTS Hill Sales Company General Ledger ASSETS REVENUE 111 Cash 411 Sales 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 189 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 250 Unearned Revenue 559 Miscellaneous Expenses 910 Income Tax Expense 251 Sales Taxes Payable 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT

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