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24 Lowes is required by law to collect and send sales taxes to the state. I Lowes has $87000 of cash sales that are subject
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Lowes is required by law to collect and send sales taxes to the state. I Lowes has $87000 of cash sales that are subject to a 5% sales tax, what is the Journal entry to record the cash sales? Multiple Choice Debit Cash $87,000 credit Sales $87000 and record the taxes when paid Debit Cash $87000, credit Sales $82,650, credit Sales Taves Payable $4.350 Debit Accounts Receivable $91350;credit Sales 587000, credit Sales Taxes Payable $4.350 0 Debit Sales Taxes Payable $4,350. debit Cash $82,650, credit Solos $87,000 Debit Cash $91350: credit Sales $87,000: Credit Sales Taxes Payable $4,350 Multiple Choice Debit Cash $87,000; credit Sales $87,000; and record the taxes when paid. Debit Cash $87,000; credit Sales $82,650; credit Sales Taxes Payable $4,350. O Debit Accounts Receivable $91,350; credit Sales $87,000; credit Sales Taxes Payable $4,350, Debit Sales Taxes Payable $4,350, debit Cash $82,650, credit Sales $87,000. Debit Cash $91,350, credit Sales $87,000; credit Sales Taxes Payable $4,350 Step by Step Solution
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