Need help in journalizing the following entry.?


a.Sold $2,500 of merchandise on account, subject to a sales tax of 5%. The cost of merchandise sold was $1,480.

b. Paid $48,820 to the state sales tax department for taxes collected.

3 Answers

  • Clive
    Lv 7
    3 weeks ago

    What does this have to do with personal finance?

  • Don G
    Lv 7
    4 weeks ago

    a. DR Accts Recv 2,625 DR Cost of Goods Sold 1,480 CR Sales 2,500 CR Sales Tax Payable 125 CR Inventory 1,480

    b. Sales Tax Payable 48,820  CR Cash 48,820

  • 4 weeks ago


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