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10 October, 21:32

Consider the following transactions of Sapphire Software: Mar. 31 Recorded cash sales of $130,000, plus sales tax of 8% collected for the state of New Jersey. Apr. 6 Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold.

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  1. 10 October, 22:43
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    The journal entries are shown below:

    1. Cash A/c Dr $140,400

    To Sales A/c $130,000

    To Sales tax payable A/c $10,400 ($130,000 * 8%)

    (Being sales with sales tax are recorded)

    2. Sales tax payable A/c Dr $10,400

    To Cash A/c $10,400

    (Being the cash is paid for sales tax)
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Home » Business » Consider the following transactions of Sapphire Software: Mar. 31 Recorded cash sales of $130,000, plus sales tax of 8% collected for the state of New Jersey. Apr. 6 Sent March sales tax to the state. Journalize the transactions for the company.
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