Wildhorse Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $37,800. All sales are subject to a 5% sales tax. (a1) Compute sales taxes payable. Sales taxes payable (a2) Give the journal 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 March 16
Wildhorse Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $37,800. All sales are subject to a 5% sales tax. (a1) Compute sales taxes payable. Sales taxes payable (a2) Give the journal 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 March 16
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
Problem 7MCQ
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Wildhorse Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $37,800. All sales are subject to a 5% sales tax.
(a1) Compute sales taxes payable.
Sales taxes payable |
(a2) Give the
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
---|---|---|---|
March 16
|
|||
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