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Flores & Ferguson Co.are a rare and antique gun reseller in Cedar City, UT.Utah has a 6% sales tax rate.What is the journal entry Flores
Flores & Ferguson Co.are a rare and antique gun reseller in Cedar City, UT.Utah has a 6% sales tax rate.What is the journal entry Flores & Ferguson will record when they sell a rare gun priced at $1,000 for cash?
Debit Cash $1,000; Credit Revenue $1,000
Debit Cash $1,060; Credit Revenue $1,060
Debit Cash $1,060; Credit Revenue $1,000 & Credit Sales Tax payable $60.
Debit Cash $1,000 & Debit Sales Tax Expense $60; Credit Revenue $1,060
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