A sale of merchandise on account for $5,000 is subject to an 8% sales tax. a....
A sale of merchandise on account for $5,000 is subject to an 8% sales tax. a. Should the sales tax be recorded at the time of sale or when payment is received? At the time of sale b. What is the amount of the sale? $ 5,000 c. What is the amount of the increase to Accounts Receivable? $ d. What is the title of the account in which the $400 ($5,000 × 8%) is recorded? Sales tax payable
I want this one (c. What is the amount of the increase to Accounts Receivable?) please
Homework Answers
| c. | Amount of the increase to Accounts Receivables | = | $ 5,400 |
| Workings: | |||
| Sale of Merchandise | = | $ 5,000 | |
| Add: | Sales Tax ($5000 X 8%) | = | $ 400 |
| Total Accounts Receivables | = | $ 5,400 |
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A sale of merchandise on account for $5,000 is subject to an 8%
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