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On July​ 5, Brenner Company recorded sales of merchandise inventory on​ account, $25,000. The sales were subject to sales tax of 10%. On August​ 15, Brenner Company paid the sales tax owed to the state from the July 5 transaction.   Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15.   Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.

On July​ 5, Brenner Company recorded sales of merchandise inventory on​ account, $25,000. The sales were subject to sales tax of 10%. On August​ 15, Brenner Company paid the sales tax owed to the state from the July 5 transaction.   Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15.   Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...
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On July​ 5,
Brenner
Company recorded sales of merchandise inventory on​ account,
$25,000.
The sales were subject to sales tax of
10%.
On August​ 15,
Brenner
Company paid the sales tax owed to the state from the July 5 transaction.
 
Requirements
1.
Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.
2.
Journalize the transaction to record the payment of sales tax to the state on August 15.
 
Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.
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