What is the totals credits and total debits?Also answer the following questions:Answer the following questions using the area provided.1) Describe the type of transaction that is recorded in the Sales journal. What is happening and who is involved?2) When merchandise is sold on account what account is debited? What type of account is this and what does it reflect3) Why is Sales Tax Payable considered a liability to the business?4) Why would the business want to record the customer name in the sales journal Account Debited column? A BCFJKSALES JOURNALPAGE34ACCOUNTSSALES TAXSALEPOST.RECEIVABLESALESPAYABLE6.DATEACCOUNT DEBITEDNÓ.REF.DEBITCREDITCREDIT81| January4 Miller Imports16899.00833.8265.18 19January8 BGI Interiors171,095.001,015.6179.39109 Nellie group1,615.001,497.91318117.09311410 Carefree Designs19683.00633.4849.52 41211 Northside Hospital202,418.002,418.001314715881699.1710101819Jan 4 - Sold merchandise on account to Miller Imports, $899.00. Prepared sales invoice #16.20Jan 8- Sold merchandise on account to BGI Interiors, $1,095.00. Prepared sales invoice #17.21Jan 9-Sold merchandise on account to The Nelle Group, $1,615.00. Prepared sales invoice #18.22Jan 10- Sold merchandise on account to Carefree Designs, $683.00. Prepared sale invoice #19.23Jan 11 - Sold merchandise on account to Northside Hospital, $2,418.00. Customer is exempt from sales tax. Prepared sales inv2425Do not ignore questions on second worksheet!2627田-/-lil

Total credits= sales credit+ sales tax payable credit =6398.82+311.18 =6710 Total debit=Account…

Answered: What is the totals credits and total…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is the totals credits and total debits? Also answer the following questions: Answer the following questions using the area provided. 1) Describe the type of transaction that is recorded in the Sales journal. What is happening and who is involved? 2) When merchandise is sold on account what account is debited? What type of account is this and what does it reflect 3) Why is Sales Tax Payable considered a liability to the business? 4) Why would the business want to record the customer name in the sales journal Account Debited column?

A B
C
F
J
K
SALES JOURNAL
PAGE
3
4
ACCOUNTS
SALES TAX
SALE
POST.
RECEIVABLE
SALES
PAYABLE
6.
DATE
ACCOUNT DEBITED
NÓ.
REF.
DEBIT
CREDIT
CREDIT
8
1| January
4 Miller Imports
16
899.00
833.82
65.18 1
9
January
8 BGI Interiors
17
1,095.00
1,015.61
79.39
10
9 Nellie group
1,615.00
1,497.91
3
18
117.09
3
11
4
10 Carefree Designs
19
683.00
633.48
49.52 4
12
11 Northside Hospital
20
2,418.00
2,418.00
13
14
7
15
8
8
16
9
9.
17
10
10
18
19
Jan 4 - Sold merchandise on account to Miller Imports, $899.00. Prepared sales invoice #16.
20
Jan 8- Sold merchandise on account to BGI Interiors, $1,095.00. Prepared sales invoice #17.
21
Jan 9-Sold merchandise on account to The Nelle Group, $1,615.00. Prepared sales invoice #18.
22
Jan 10- Sold merchandise on account to Carefree Designs, $683.00. Prepared sale invoice #19.
23
Jan 11 - Sold merchandise on account to Northside Hospital, $2,418.00. Customer is exempt from sales tax. Prepared sales inv
24
25
Do not ignore questions on second worksheet!
26
27
田
-/-
lil

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