Prepare the entry to record Ayayai's cash sales. (If no entry is required, select "No Entry" for the account titles and enter o for theamounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries beforecredit entries.)Account Titles and ExplanationCashSales RevenueSales Taxes PayableDebit23940Credit Ayayai Corporation made credit sales of $27,000 which are subject to 5% sales tax. The corporation also made cash sales whichtotaled $23,940 including the 5% sales tax.Prepare the entry to record Ayayai's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for theamounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries beforecredit entries.)Account Titles and ExplanationAccounts ReceivableSales RevenueSales Taxes PayableList of AccountsDebit28350Credit270001350

JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Prepare the entry to record Ayayai's cash sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cash Sales Revenue Sales Taxes Payable Debit 23940 Credit

Prepare the entry to record Ayayai's cash sales. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Cash Sales Revenue Sales Taxes Payable Debit 23940 Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...

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