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Please help me out! Kathy's Corner Store has total cash sales for the month of $35,000 excluding sales taxes. If the sales tax rate is
Please help me out!
Kathy's Corner Store has total cash sales for the month of $35,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods Sold.) debit Cash $35,000 and credit Sales Revenue $35,000. debit Cash $36, 050, credit Sales Revenue $35,000 and credit Sales Tax Payable $1, 050. debit Cash $33, 950, debit Sales Tax Receivable for $1, 050 and credit Sales Revenue for $35,000. debit Cash $36, 050, credit Sales Revenue $36, 050Step by Step Solution
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