Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Santa Materials sold goods for $2,000 plus 2% sales tax to a charge customer, terms n/30. Which entry is required to record this transaction? A.

Santa Materials sold goods for $2,000 plus 2% sales tax to a charge customer, terms n/30. Which entry is required to record this transaction?

A.

Debit Accounts Receivable $2,000; credit Sales $2,000

B.

Debit Cash $2,000; credit Sales $2,000

C.

Debit Accounts Receivable $2,040; credit Sales Tax Payable $40; credit Sales $2,000

D.

Debit Accounts Receivable $2,040; credit Sales $2,040

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

Essentials Of Accounting

Authors: Leslie Breitner, Robert Anthony

11th Edition

0132744376, 978-0132744379

More Books

Students also viewed these Accounting questions