Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

7 Manama Trading has $ 8,000 of cash sales that are subject to an additional 8% sales tax, what is the journal entry to record

7 Manama Trading has $ 8,000 of cash sales that are subject to an additional 8% sales tax, what is the journal entry to record the cash sales in the company books? O A. Debit Cash $ 8,640, credit Sales $ 8,000; credit Sales Taxes Payable $ 640 O B. Debit Sales Taxes Payable $ 640, debit Cash $ 7,360; credit Sales $ 8,000. OC. Debit Cash $8,000; credit Sales $ 8,000, and record the taxes when paid. O D. Debit Cash $ 8,000; credit Sales $ 7,360; credit Sales Taxes Payable $ 640

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Discuss the history of human resource management (HRM).

Answered: 1 week ago