Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

WALG Pharmacies made cash sales during the month of April of $699,000. The sales are also subject to an 8% sales tax that increased the

WALG Pharmacies made cash sales during the month of April of $699,000. The sales are also subject to an 8% sales tax that increased the total amount collected from the customer to $754,920. Which of the following would be included in the journal entry recorded by WALG to reflect the April sales transactions? credit Sales for $754,920 O debit Sales Tax Payable for $55,920 O credit Sales Tax Payable for $55,920 O credit Sales for $643,080
image text in transcribed
WALG Pharmacies made cash sales during the month of April of $699.000. The sales are also subject to an 8% sales tax that increased the total amount collected from the customer to $754,920. Which of the following would be included in the journal entry recorded by WALG to reflect the April sales transactions? credit Sales for $754,920 debit Sates Tax Paysble for $55,920 credit Sales Tax Payable for $55,920 credit Sales for $6.43.080

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting

Authors: Steven M. Bragg

1st Edition

1642210803, 9781642210804

More Books

Students also viewed these Accounting questions