On July 5,GuntherGunther Company recorded sales of merchandise inventory on account,$65,000. The sales were subject to sales tax of 4%. On August 15, Gunther Company paid $2,350 of sales tax to the state.

Requirements

1 .Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.
2. Journalize the transaction to record the payment of sales tax to the state

1 .Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.

Account                              Debit              Credit

Accounts Receivable        $65,000

Sales Revenue                                           $65,000

Sales Tax Payable                                      $2,600 (65,000 x 4%)

2. Journalize the transaction to record the payment of sales tax to the state

Account                              Debit              Credit

Cash                                                           $2,350

Sales Tax Payable             $2,350

The ending balance on the sales tax payable account is $250

month 1 start amount =$3287.90 interest=(3287.90x0.0145/12)3.97 total to pay=$3291.81 paid =$1200 balance =$2,091.87

month 2 starting amount= $2,091.87 interest =$25.28 total to pay =$2117.15 paid =$1200 balance $917.15

month 3 starting amount =$917.15 interest =$11.08 total to pay =$928.23 paid =$928.23 balance =$0 total to pay 1200+1200+928.23 = $3328.23 it will take 3 months to pay a total of $3328.23

answer; according to the ( irs );