2013, E y in the price of its product. During tal sales revenue of $310,000. Elo

Question

2013, E y in the price of its product. During tal sales revenue of $310,000. Elora "pairs will amount to 3% of total ACC 211, Fall 2017, Exam 3 Page 5 of 11 ROBLEM 1 -CURRENT LIABILITIES-14 POINTS All sales of merchandise by Klaus Compa October, Klaus Company recorded sales of merchandise with a value of $24,000, plus sales tax at a rate of 5%. Prepare the journal entry to record the sales transactions and related sales taxes for the month of October. You don't need to record cost of goods sold. (6 points) ny are on account (on credit). During the month of Account Title Debit Credit During the month of August, Violet Company's employees earned wages of $120,000. Withholdings related to these wages were $9,300 for Social Security (FICA), and $14,30 deral income tax. The company incurred no cost related to these earnings for federa employment tax but incurred $1,340 for state unemployment tax. pare the entry to record the company's salaries and wages expense for the mont

Explanation / Answer

Journal Entries Date Account Title and explanation Debit Credit 1 Account Receivable $            25,200.00           To Sales Account $               24,000.00           To Sales Tax Payable ($ 24,000 X 5% ) $                 1,200.00 (To Record the sales made on the credit basis)

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