Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kathy's Corner Store has total cash sales for the month of $34,000 excluding sales taxes. If the sales tax rate is 4%, which journal entry

Kathy's Corner Store has total cash sales for the month of $34,000 excluding sales taxes. If the sales tax rate is 4%, which journal entry is needed? (Ignore Cost of Goods Sold.) ... O A. debit Cash $35,360, credit Sales Revenue $34,000 and credit Sales Tax Payable $1,360 O B. debit Cash $35,360, credit Sales Revenue $35,360 OC. debit Cash $34,000 and credit Sales Revenue $34,000 O D. debit Cash $32,640, debit Sales Tax Receivable for $1,360 and credit Sales Revenue for $34,000
image text in transcribed
A. debit Canh \$35,360, credit Sales Revenue $34,000 and credit Sales Tax Payable $1,360 8. deba Cash $35,360, credit Salos Revenue $35,360 C. debit Cash $34,000 and credt Sales Revenue $34,000 D. debit Cash $32,640, debit Sales Tax Receivable for $1,300 and credt Sales Revenue for $34,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions