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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
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
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