Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $7,000 of cash sale cash sales? Multiple

image text in transcribed
Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $7,000 of cash sale cash sales? Multiple Choice Debit Cash $7420, credit Sales 57,000 credit Sales Taxes Payable $420 Debit Accounts Receivable $7,420, credit Sales $7,000 credit Sales Taxes Payable $420 Debt Cash $7,000 credit Sales 57,000, and record the taxes when paid, Debit Sales Taxes Payable $420, debit Cash 56,580, credit Sales $7000 Debit Cash $7000, credit Sales 56.580. credit Sales Taxes Payable $420

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_2

Step: 3

blur-text-image_3

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

CIA Part 1 Essentials Of Internal Auditing 2022

Authors: MUHAMMAD ZAIN

1st Edition

B09PHFC28N, 979-8794951356

More Books

Students also viewed these Accounting questions