Question
Marigold Surplus made cash sales during the month of October of $372000. The sales are subject to a 6% sales tax that was also collected.
Marigold Surplus made cash sales during the month of October of $372000. 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 sale transactions?
a. Debit Accounts Receivable for $372000.
b. Credit Sales Revenue for $344483.
c. Credit Sales Taxes Payable for $21056.
d. Credit Sales Taxes Payable for $22320.
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Auditing
Authors: David Ricchiute
8th Edition
0324226292, 978-0324226294
