50.1K

Verified Solution

Link Copied!

The following selected transactions apply to Topeca Supply for November and December Year 1, November was the first month of operations. Soles tax is collected at the time of sale but is not paid to the state sales tax agency untit the following month. 1. Cash sales for November Year 1 were $165,000, plus sales tax of 7 perceht. 2. Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December Year 1 were $180,000, plus sales tax of 7 percent. Required a. Record the preceding transactions in general journal form. b. Show the effect of the preceding transactions in a horizontal statements modet. c. What was the total amount of sales tax paid in Year 1? d. What was the total amount of sales tax collected in Year 1 ? e. What amount of sales tax expense will be reported on the Year 1 income statement? Complete this question by entering your answers in the tabs below. Record the preceding transactions in general journal form. (H no entry is required for a transactionvevent, select "No journal entry required in the first account field.) Journal entry worksheet C. Cosh sales for November Year 1 were $165,000, plus sales tax of 7 percent. Record the transaction. Journal entry worksheet Cash sales for November Year 1 were $165,000, plus sales tax of 7 percent. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Topeca Supply paid the November sales tax to the state agency on December 10, Year 1. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Cash sales for December Year 1 were $180,000, plus sales tax of 7 percent. Record the transaction. Note: Enter debits before credits

Answer & Explanation Solved by verified expert

See Answer