Question

Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the revenue portion of the February 13 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns View transaction list Journal entry worksheet On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax Note: Enter debits before credits Date General Journal Debit Credit Feb. 13 Clear entry View general journal Record entry

Answer 1

		Debit	Credit
Feb 13	Cash	10975
	Sales		10000
	Sales Tax Payable		975	=10000*9.75%