Prepare a Sales Journal for the following transactions: 1. On June 1st 20__ Olym

Question

Prepare a Sales Journal for the following transactions:
1. On June 1st 20__ Olympic sold Merchandise on account to Nathanial David for $1000. The sales tax is $60. Sales Invoice #10.
2. On June 3rd Olympic sold merchandise on account to William Athletics Associate for $7,500. Sales tax is 450. Sales Invoice #11.
3. On June 5th Olympic sold merchandise on account to Lee Peas Sports Club for 2,500. The sales tax is $150. Sales Invoice # 12.
4. On June 7th Olympic sold merchandise on account to King Kong Club for $1000. Sales tax is $60. Sales slip #13.
5. On June 10th Olympic sold merchandise on account to Nathan Ashley for $250. Sales tax is $15. Sales Invoice #14.

Explanation / Answer

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1-Jun Accounts receivable A/C…….Dr
         To Sales
         To sales tax
(Being merchandise sold to Nathanial David) 1060



1000
60

3-Jun Accounts receivable A/C…….Dr
         To Sales
         To sales tax
(Being merchandise sold to willian atheltics)

7950





7500
450


5-Jun Accounts receivable A/C…….Dr
         To Sales
         To sales tax
(Being merchandise sold to lee peas sports)

2650




2500
150


7-Jun Accounts receivable A/C…….Dr
         To Sales
         To sales tax
(Being merchandise sold to king kong club)

1060





1000
60


10-Jun Accounts receivable A/C…….Dr
         To Sales
         To sales tax
(Being merchandise sold to nathan ashley)


265





250
15

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