Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marigold Surplus made cash sales during the month of October of $386000. The sales are subject to a 5% sales tax that was also collected.

image text in transcribed
Marigold Surplus made cash sales during the month of October of $386000. The sales are subject to a 5% sales tax that was also collected. Which of the following would be included in the summary journal entry to reflect the sale transactions? Debit Accounts Receivable for $386000. Credit Sales Taxes Payable for $18207. Credit Sales Taxes Payable for $19300. Credit Sales Revenue for $358483, Save Tor Later Attempts: 0 of 1 used Submit

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

Horngrens Financial & Managerial Accounting

Authors: Tracie Miller Nobles, Brenda Mattison

7th Edition

0136516254, 9780136516255

More Books

Students also viewed these Accounting questions