Consider the following transactions of Johnson Software: Mar. 31 Apr. 6 Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. Sent March sales tax to the state. Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Mar. 31 Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Consider the following transactions of Johnson Software:
Mar. 31
Apr. 6
Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the
explanation on the last line of the journal entry table.)
Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey.
Sent March sales tax to the state.
Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a
single compound entry for this transaction.)
Accounts and Explanation
Date
Mar. 31
Debit
Credit
Transcribed Image Text:Consider the following transactions of Johnson Software: Mar. 31 Apr. 6 Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. Sent March sales tax to the state. Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Accounts and Explanation Date Mar. 31 Debit Credit
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