Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $78,000 of cash sales that are

image text in transcribed
Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $78,000 of cash sales that are subject to a 6% sales tax, what is the journal entry to record the cash sales? Multiple Choice Debit Cash $82,680, credit Sales $78,000; credit Sales Taxes Payable $4,680. O Debit Sales Taxes Payable $4,680; debit Cash $73,220, credit Sales $78,000. O Debit Cash $78,000, credit Sales $78,000, and record the taxes when paid. O Debit Cash $78,000; credit Sales $73,320; credit Sales Taxes Payable $4,680. O O Debit Accounts Receivable $82,680, credit Sales $78,000; credit Sales Taxes Payable $4,680

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

Wiley CIAexcel Exam Review 2018 Part 1 Internal Audit Basics

Authors: S. Rao Vallabhaneni

1st Edition

1119482569, 978-1119482567

More Books

Students also viewed these Accounting questions

Question

Do you think that this randomness discourages or encourages crime?

Answered: 1 week ago

Question

=+16.5. About Theorem 16.8:

Answered: 1 week ago

Question

8. Explain the contact hypothesis.

Answered: 1 week ago

Question

7. Identify four antecedents that influence intercultural contact.

Answered: 1 week ago