10. On March 25, 2014, Patton Company sold merchandise on account,$10,000. The a
ID: 2374622 • Letter: 1
Question
10.
On March 25, 2014, Patton Company sold merchandise on account,$10,000. The applicable sales tax percentage is 8.5%. Record the transaction.
Journal
Date
Description
Post Ref
Debit
Credit
11.
On March 29th, customers who owe $10,500.00 for purchases made on Sonic Sales Company submit payments of $4,250.00. Journalize this event.
On March 25, 2014, Patton Company sold merchandise on account,$10,000. The applicable sales tax percentage is 8.5%. Record the transaction.
Journal
Date
Description
Post Ref
Debit
Credit
Explanation / Answer
Hi,
Please find the answer as follows:
25th March
Accounts Receivable Dr. (10000 + 8.5*10000) 10850
Sales Cr. 10000
Sales Tax Payable Cr. 850
29th March
Cash Dr. 4250
Accounts Receivable Cr. 4250
Thanks.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.