Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. journalize the entries to record the following sel

Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts...

60.1K

Verified Solution

Question

Accounting

Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $63,600 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,900. B. Paid $39,020 to the state sales tax department for taxes collected.

image

image

Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.

image

Chart of Accounts General Ledger ASSETS REVENUE 410 Sales 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment 610 Rent Revenue EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Roger is a 25 year old astronaut who is travelling to another planet in a one-man...

Biology
1.2K views

C 0 00 0 21 A B RNA ANNAR Speed 1x DNA is being transcribed...

Biology
1.2K views

Which of the following symptoms would appear in a patient who had suffered damage to...

Physics
1.2K views

If the refractive index of glass is 3 2 and that of water is 4...

Geometry
1.2K views

Given AMNO find the measure of LMN L 38 52 76 104 M N 104...

Basic Math
1.2K views

The half-life of a radioactive isotope is the time it takes for a quantity of...

Basic Math
1.2K views

The formula v= ?2.5r models the safe maximum speed, v, in miles per hour, at...

Accounting
1.2K views

f a proposed expenditure of $70,000 for a fixed asset with a 4-year life has...

Accounting
1.2K views

Imperial Jewelers manufactures and sells a gold bracelet for $407.00. The company's accounting...

Accounting
1.2K views

Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the...

Accounting
1.2K views

10 marks Question 4 Explain what is meant by the term...

Finance
1.2K views

Assume the real rate of interest is 2.00% and the inflation rate is 4.00%. What...