Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Martinez Corporation made credit sales of $ 1 9 , 8 0 0 which are subject to 7 % sales tax. The corporation also made

Martinez Corporation made credit sales of $19,800 which are subject to 7% sales tax. The corporation also made cash sales which totaled $28,462 including the 7% sales tax.
(a)
Your answer is correct.
Prepare the entry to record Martinez's credit sales. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Accounts Receivable
Sales Revenue
Sales Tax Payable
(b)
Your answer is incorrect.
Prepare the entry to record Martinez's cash sales. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
I just need help with b
image text in transcribed

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

Students also viewed these Accounting questions