Question
Kool's Stores made cash sales during the month of May of $79,400. The sales are subject to a 6% sales tax that was also collected.
Kool's Stores made cash sales during the month of May of $79,400.
The sales are subject to a 6% sales tax that was also collected. Which of the following would be included in the summary journal entry to reflect the May sales transactions?
A.
debit Cash for $79,400
B.
credit Sales Tax Payable for $4,764
C.
credit Sales for $74,636
D.
credit Sales Tax Payable for $74,636
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Advanced Financial Accounting
Authors: Richard E. Baker, Valdean C. Lembke, Thomas E. King
5th Edition
0072444126, 978-0072444124
