Homework Answers
| Ans. 20 | Option D $45,000 | |||
| Calculations and Explanations: | ||||
| Total sales ($49,950) is the sum of sales and sales tax payable, we need to | ||||
| calculate the sales excluding sales tax. | ||||
| Sales revenue = Total sales including tax / (1 + Sales tax rate) | ||||
| $49,950 / (1 + 0.11) | ||||
| $49,950 / 1.11 | ||||
| $45,000 | ||||
| Thus, the amount to be debited in sales revenue account is $45,000. | ||||
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uestion 20 Qudion Inter Corportions has total proceeds from sales of $49,950, which Includes sales taxes....
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estion 20 ons has total proceeds from sales of $49,850, which includes sales taxes. If the sales tax is 11%, the amount to be able to the to be debit to the court d e A $55,444 8.549,950. C. 54,950 D. $45,000
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Bluestem Supply does not does not segregate sales and sales taxes at the time of sale....
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Sales tax payable
$
Make the entry to record sales taxes payable
and sales. (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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Bluestem Supply does not does not segregate sales and sales
taxes at the time of sale. The register total for March 16 is
$10,388. All sales are subject to a 6% sales tax.
Compute sales taxes payable.
Sales tax payable
$
Make the entry to record sales taxes payable
and sales. (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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