On July 5, Bramley Company recorded sales of merchandise inventory on account, $45,000. The sales were subject to sales tax of 8%. On August 15, Bramley Company paid the sales tax owed to the state from the July 5 transaction. 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 on August 15 Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound entry for this transaction.) Accounts and Explanation Date Jul. 5 Debit Credit

On July 5, Bramley Company recorded sales of merchandise inventory on account, $45,000. The sales were subject to sales tax of 8%. On August 15, Bramley Company paid the sales tax owed to the state from the July 5 transaction. 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 on August 15 Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound entry for this transaction.) Accounts and Explanation Date Jul. 5 Debit Credit

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Description: On July 5, Bramley Company recorded sales of merchandise inventory on account, $45,000.The sales were subject to sales tax of 8%. On August 15, Bramley Company paid the sales taxowed to the state from the July 5 transaction.Requirements1. Journalize

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...

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Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.
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