Ask Question
6 April, 22:33

Overseas Oil Co. sold merchandise for $665, plus sales tax of $48, to Auto Plastics, who paid for the merchandise with a bank credit card at the time of the sale. The journal entry for Overseas Oil Co. to record this transaction is:

+4
Answers (1)
  1. 6 April, 23:18
    0
    Given:

    Merchandise cost = $665

    Sales tax = $48

    The credits are indented to emphasize that they are credits, and the total debits must always equal the total credits.

    For Overseas Oil Co.,

    Total Debit Cash = $713

    Total credit cash:

    Credit Sales = $665

    Sales Tax Payable = $48
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Overseas Oil Co. sold merchandise for $665, plus sales tax of $48, to Auto Plastics, who paid for the merchandise with a bank credit card ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers