Question
A company collects sales tax of 5% on sales of $300, the journal entry is: a. Cash $300 Sales $300 b. Cash $300 Sales $285
A company collects sales tax of 5% on sales of $300, the journal entry is:
a. Cash $300
Sales $300
b. Cash $300
Sales $285
Sales Tax Payable $15
c. Cash $315
Sales $315
d. Cash $315
Sales $300
Sales Tax Payable $15
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ISE Fundamentals Of Cost Accounting
Authors: William N. Lanen, Shannon Anderson, Michael W. Maher
6th Edition
1260569098, 9781260569094
