Homework Answers
Solution-
Sales Taxes Payable = Sales * Sales Tax Rate
= $6000 * 10%
= $600
Cash Received = Sales + Sales Taxes Payable
= $6000 + $600
= $6600
Journal Entry
| No | Particulars | Debit($) | Credit($) |
| 1. | Cash | 6600 | |
| To Sales | 6000 | ||
| To Sales Taxes Payable | 600 |
Ans :- Debit Cash $6600 ; Credit Sales $6000 ; Credit Sales Taxes Payable $600 .
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