Furniture World is required by law to collect and remit sales taxes to the state. If...
Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $78,000 of cash sales that are subject to a 6% sales tax, what is the journal entry to record the cash sales? Multiple Choice Debit Cash $82,680; credit Sales $78,000; credit Sales Taxes Payable $4,680. Debit Sales Taxes Payable $4,680; debit Cash $73,220; credit Sales $78,000. Debit Cash $78,000; credit Sales $78,000; and record the taxes when paid. Debit Cash $78,000; credit Sales $73,320; credit Sales Taxes Payable $4,680. Debit Accounts Receivable $82,680; credit Sales $78,000; credit Sales Taxes Payable $4,680.
Homework Answers
Answer
--Correct Answer = Option #1:
[Debit] Cash $ 82,680 [which is $ 78000 sales + 6% tax]
[Credit] Sales $ 78000 [amount of sales revenue]
[Credit] Sales Tax Payable $ 4680 [=$ 78000 x 6%]
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Furniture World is required by law to collect and remit sales
taxes to the state. If...
Help Cantrell Company is required by law to collect and remit sales taxes to the state....
Help Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $6,000 of cash sales that are subject to an 10% sales tax, what is the journal entry to record the cash sales? Save & Exit Multiple Choice Debit Cash $6,000 credit Sales $5,400, credit Sales Taxes Payable $600 Debit Cash $5,000, credit Sales $6,000, and record the taxes when paid. Debit Cash $6,600.credit Sales $6.000.credit Sales Taxes Payable $600. * $5,000:...
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