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Sales Tax Transactions Problem

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Sales Tax Transactions Problem - Journalize the entries to record the following selected transactions:

a. Sold $12,900 of merchandise on account, subject to a sales tax of 4%. The cost of the merchandise sold was $7,800.

b. Paid $32,750 to the state sales tax department for taxes collected.

Reference no: EM132680285

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Sales Tax Transactions Problem : Sales Tax Transactions Problem - Sold $12,900 of merchandise on account, subject to a sales tax of 4%. The cost of the merchandise sold was $7,800
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