Ashley's Furniture made cash shales in the amount of $10,000 for furniture. The federal sales tax...
Ashley's Furniture made cash shales in the amount of $10,000 for furniture. The federal sales tax is 7% and the state sales tax is 5%.
1. Prepare the journal entry to record the sale. (Show Work)
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Cash | 11200 | ||
| Sales revenue | 10000 | ||
| Federal sales tax payable | 700 | ||
| State sales tax payable | 500 | ||
| (To record sales) | |||
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(If no entry is required, select "No Entry" for the
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