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

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

Recommended Textbook for

Strategic Management Concepts And Cases A Competitive Advantage Approach

Authors: Fred R. David

13th Edition

0136120989, 9780136120988

Students also viewed these Accounting questions