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Sunland Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $55,000. All sale are subject to a 10% sales tax. Compute sales taxes payable.

Sunland Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $55,000. All sale are subject to a 10% sales tax. Compute sales taxes payable.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...
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Sunland Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $55,000. All sales are subject to a 10% sales tax. Compute sales taxes payable. Sales taxes payable 2$ Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16
Transcribed Image Text:Sunland Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $55,000. All sales are subject to a 10% sales tax. Compute sales taxes payable. Sales taxes payable 2$ Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16
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