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Point 1: Smith Corporation purchases merchandise on account from a supplier on June 30, 2019 for $4,000. On July 5, merchandise is sold for $5,000 plus state sales tax (5%) to Customer A on account. Assume that the perpetual inventory method is used.
Required:
Question 1. Prepare the journal entry to record the $4,000 purchase from the supplier.
Question 2. Prepare the journal entry to record the sale to Customer A.
Question 3. Prepare the journal entry to record payment of sales tax on these to the State X on July 31. A description is not necessary.
Question 4. How much sales tax revenue or expense will Smith Corporation report on its income statement?
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