Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
On a given day, the downtown Nike shoe store sold 1,000 pairs of shoes with a retail selling price of $125 per pair (assume all
On a given day, the downtown Nike shoe store sold 1,000 pairs of shoes with a retail selling price of $125 per pair (assume all sales were in cash), plus 10% sales tax. What journal entry should Nike record?
a credit to Sales Tax Payable of $12,500.
a debit to Sales Tax Expense for $12,500.
a credit to Sales Revenue of $112,500.
a debit to Cash of $125,000.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
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](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started