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|
|
Answer
· Requirements
A |
Sales + Sales Tax Payable |
$34,100 |
|
B = A/110% |
Sales amount |
$31,000 |
|
C = B x 10% |
Sales Tax Payable |
$3,100 |
Answer |
Account titles |
Debit |
Credit |
Cash |
$34,100 |
|
Sales Revenue |
$31,000 |
|
Sales Tax Payable |
$3,100 |
Waterway Auto Supply does not segregate sales and sales taxes at the time of sale. The...
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