Monty Company does not segregate sales and sales taxes on its cash register. Its register total for the month is $1,543,300, which includes a 10% sales tax. Compute sales taxes payable, and make the entry to record sales and sales taxes payable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Sales taxes payable   $enter the amount of sales taxes payable in dollars

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
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Monty Company does not segregate sales and sales taxes on its cash register. Its register total for the month is $1,543,300, which includes a 10% sales tax.

Compute sales taxes payable, and make the entry to record sales and sales taxes payable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)

Sales taxes payable   $enter the amount of sales taxes payable in dollars 
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