Answer Happy

Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $617,000 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $364,030. If an amount box does not require an entry, leave it blank. b. Paid $51,780 to the state sales tax department for taxes collected. If an amount box does not require an entry, leave it blank.

Determining Amounts for Items Omitted from Income Statement One item is omitted in each of the following four lists of income statement data. Determine the amounts of the missing items. Chase Company Jessup Inc. Osterman Company Snyder Co. Sales Cost of goods sold Gross profit $446,900 $79,900 $409,700 $269,300 $1,220,000 $433,600 $403,600 $292,100