Journalize the entries to record the following selected transactions:

Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.

Paid $39,650 to the state sales tax department for taxes collected

   General Ledger                   Dr.          Cr.

1.   Cash                                 $65,940

    Sales Tax Payable                           $3,140

    Sales                                                 $62,800

2.  Cost of Goods Sold        $37,500

    Merchandise Inventory                    $37,500

3.  Sales Tax Payable          $39,650

    Cash                                                  $39,650

Explanation:

Sales tax is subject to 5% which is

Sales Tax  = $62,800 x 5% = $3,140

Total Cash received = $62,800 + $3,140 = $65,940

Cost of the merchandise sold is recorded in the cost of goods sold account.

Tax is paid in cash and Tax payable liability is reduced by a debit entry.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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