Question 7

Sales revenue for a sporting goods store amounted to $525,000 for the current period. All sales are on account and are subject to a sales tax of 9%. Which of the following would be included in the journal entry to record the sales?

a debit to Accounts Receivable for $572,250

a credit to Accounts Receivable for $525,000

a debit to Sales Revenue for $525,000

a debit to Sales Tax Payable for $47,250

Question 8

Which of the following is required to be deducted from employees' paychecks?

Federal income tax

SUTA

Charitable contributions

FUTA