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Sheridan, Inc. operates a gas station and offers gas at $2.97 per gallon if a customer pays cash and $3.00 per gallon if a customer
Sheridan, Inc. operates a gas station and offers gas at $2.97 per gallon if a customer pays cash and $3.00 per gallon if a customer pays using a credit card. Sheridan sold 570000 gallons at $2.97 per gallon during May. In addition, sales tax is 7%, which was $570000 for May. Sheridan's journal entry to record sales for May will include a debit to Cash for $9120000 a credit to Sales Revenue for $1710000 a credit to Sales Taxes Payable $570000 a debit to Sales Taxes Payable for $570000
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