Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Manama Trading has $ 8,000 of cash sales that are subject to an additional 8% sales tax, what is the journal entry to record the

image text in transcribed

Manama Trading has $ 8,000 of cash sales that are subject to an additional 8% sales tax, what is the journal entry to record the cash sales in the company books? OA. Debit Cash $ 8,640; credit Sales $ 8,000; credit Sales Taxes Payable $ 640. O B. Debit Sales Taxes Payable $ 640; debit Cash $ 7,360; credit Sales $ 8,000. OC. Debit Cash $ 8,000; credit Sales $ 7,360; credit Sales Taxes Payable $ 640. O D. Debit Cash $ 8,000; credit Sales $ 8,000; and record the taxes when paid. A C

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

Process Safety Management Risk Management Planning Auditing Handbook A Checklist Approach

Authors: David Einolf, Luverna Menghini

1st Edition

086587686X, 978-0865876866

More Books

Students also viewed these Accounting questions