Calculate sales tax payable as follows:
Sales tax payable
= Total as shown by the register x [Sales tax rate / (100 + sales tax rate)]
= $14,840 x [6% / (100% + 6%)]
= $14,840 x [0.06 / (1 + 0.06)]
= $840
Prepare the required journal entry as follows:
Date | Account Titles and Explanation | Debit | Credit |
Mar. 10 | Cash | $14,840 | |
Sales tax payable | $840 | ||
Sales revenue | $14,000 |
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