Homework Answers
Answer
· Working
>Cash sale excluding Sales tax = $
233200 / 106% = $ 220,000
>Credit sale excluding Sales tax = $ 153700 / 106% = $
145,000
>Sales tax = ($233200 + 153700) – 220000 – 145000 = $ 21900
· Adjusting entry
|
Date |
Accounts title |
Debit |
Credit |
|
Jun-30 |
Sales revenue |
$21,900 |
|
|
Sales Tax Payable |
$21,900 |
||
|
(to adjust sales tax payable) |
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sales tax that must be remitted to the state by July 15.
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present the June 30 financial statements. (If no entry
is required, select "No Entry" for the account titles and enter 0
for the amounts. Credit account titles are automatically indented
when amount is...
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