Julie Convenience Store sold merchandise for cash to a customer, and recorded a debit to Cash...
Julie Convenience Store sold merchandise for cash to a customer, and recorded a debit to Cash for $371, which included a 6% Sales tax. In the same transaction, they must also:
A) credit Sales Revenue for 300
B) credit Sales Tax Payable for $22.26
C) credit Sales Tax Payable for $21
D) credit Sales Revenue for $371
E) credit Sales Revenue for $393.26
Homework Answers
| Answer: Option [C] Credit sales tax payable for $21. | ||
| Calculation and explanation: | ||
| The sales tax element = 371*6/106 = $21 | ||
| The price exclusive of sales tax would be 371-21 = $350 | ||
| The correct entry should be: | ||
| Cash | 371 | |
| Sales revenue | 350 | |
| Sales tax payable | 21 |
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