Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

> Question 4 1 pts Harvel Company is required by law to collect and remit sales taxes to the state. If havel has $8,000 in

image text in transcribed
> Question 4 1 pts Harvel Company is required by law to collect and remit sales taxes to the state. If havel has $8,000 in cash sales that are subject to an 8% tax, what is the journal entry to record the cash sales? O Debit Sales Taxes Payable $640; Debit Cash $7,360; Credit Sales $8,000. O Debit Cash $8,000; Credit Sales $7,360; Credit Sales Taxes Payable $640. O Debit Cash $8,640; Credit Sales $8,000; Credit Sales Taxes Payable $640. O Debit Cash $8,000; Credit Sales $8,000; and record the sales taxes when paid

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

13th Edition

007232726X, 9780072327267

More Books

Students also viewed these Accounting questions

Question

What is click stream analysis? What is it used for?

Answered: 1 week ago

Question

Describe the uses of information gained from job analysis.

Answered: 1 week ago