Answered step by step
Verified Expert Solution
Question
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 $ which are subject to sales tax. The corporation also made cash sales which totaled $ including the 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 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 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started