Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 5, winter company recorded sales of mercha

On July 5, Winter Company recorded sales of merchandise inventory on account, $35,000. The sales...

70.2K

Verified Solution

Question

Accounting

On July 5, Winter Company recorded sales of merchandise inventory on account, $35,000. The sales were subject to sales tax of 6%. On August 15, rWinter Company paid $1,850 of sales tax to the state

. Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Jul. 5 Requirement 2. Journalize the transaction to record the payment of sales tax to the state. Date Accounts and Explanation Debit Credit Aug. 15

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