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 cash

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 Sales Taxes Payable $ 640; debit Cash $7.360, credit Sales $ 8,000. OB Debit Cash $8,000; credit Sales $7,360, credit Sales Taxes Payable $ 640. OC. Debit Cash $ 8,000, credit Sales $ 8,000; and record the taxes when paid. OD. Debit Cash $ 8,640, credit Sales $ 8.000, credit Sales Taxes Payable $ 640. Activa

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

Managerial Accounting

Authors: Kulp, Susan, Dragoo, Amie, Hartgraves, Al L, Morse Wayne J.

9th Edition

1618533622, 9781618533623

More Books

Students also viewed these Accounting questions

Question

2. Which animal species would have the longest axonspg99

Answered: 1 week ago

Question

2. Discuss the evidence for psychopathy as a heritable disorder.

Answered: 1 week ago

Question

Describe the options and trends in management education

Answered: 1 week ago