Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Barnes company has just billed a customer for $5800 an amount that includes 10% excise tax and a 6% state sales tax Excise and Sales

Barnes company has just billed a customer for $5800 an amount that includes 10% excise tax and a 6% state sales tax
image text in transcribed
Excise and Sales Tax Calculations Barnes Company has just billed a customer for $5,800, an amount that includes a 10% excise tax and a 6% state sales tax. a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Barnes Company. Round all answers to the nearest dollar. a. Amount of recorded revenue $ 0 b. General Journal Date Description Dec 31 Accounts Receivable e Excise Tax Payable Sales Tax Payable Sales To record sale on account subject to excise tax and sales tax, Debit Credit OS 0 0 0 0 0 e 0 0 Check

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

Recommended Textbook for

Software Reviews And Audits A How To Guide For Project Staff

Authors: Dr David Tuffley

1st Edition

1461130468, 978-1461130468

More Books

Students also viewed these Accounting questions