Answered step by step
Verified Expert Solution
Link Copied!

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

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

Accounting A Systems Approach

Authors: Alison Warman, Jeff Davies

1st Edition

1861520379, 978-1861520371

More Books

Students also viewed these Accounting questions

Question

Understand the primary objectives of performance appraisals

Answered: 1 week ago