Question
On June 1, Jones Company sold $5,000 of merchandise inventory that was subject to 10% sales tax. The journal entry to record the sale would
On June 1, Jones Company sold $5,000 of merchandise inventory that was subject to 10% sales tax. The journal entry to record the sale would include which of the following?
A credit to Sales Taxes Payable for $4,500
A credit to Sales Taxes Payable for $500
A credit to Sales Revenue for $4,500
A debit to Sales Taxes Payable for $500
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Managerial Accounting Principles Of Accounting II
Authors: Eric W. Noreen, Peter C. Brewer, Ray H. Garrison
6th Edition
0077681258, 978-0077681258
