Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Salmon Company makes cash sales of $900,000 excluding sales taxes. The sales tax rate is 7%. The journal entry to record these sales would include:

image text in transcribed
Salmon Company makes cash sales of $900,000 excluding sales taxes. The sales tax rate is 7%. The journal entry to record these sales would include: (Ignore Cost of Goods Sold.) O a debit to Sales Tax Payable of $63,000. O a debit to Sales Tax Expense of $63,000. O a debit to Cash of $963,000. O a credit to Sales Revenue of $963,000

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

Managerial Accounting

Authors: John J. Wild, Ken W. Shaw

2010 Edition

9789813155497, 73379581, 9813155493, 978-0073379586

More Books

Students also viewed these Accounting questions