Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Seef trading Company is required by law to collect and remit sales taxes to the parents the comma record the cash sales? A Debit Cash

image text in transcribed
Seef trading Company is required by law to collect and remit sales taxes to the parents the comma record the cash sales? A Debit Cash $ 8.000; credit Sales $8,000 and record the taxes when paid. B. Debit Cash $ 8,640; credit Sales 5 8,000; credit Sales Taxes Payable 5 640. C. Debit Sales Taxes Payable 5 640: debit Cash $ 7,360 credit Sales 58.000 D. Debit Cash $ 8,000: credit Sales 57,360, credit Sales Taxes Payable 5 640. > A Moving to another question will save this response. D

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

Financial and Managerial Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

11th Edition

9780538480901, 9781111525774, 538480890, 538480904, 1111525773, 978-0538480895

More Books

Students also viewed these Accounting questions