Question
Waterway Surplus made cash sales during the month of October of $382000. The sales are subject to a 6% sales tax that was also collected.
Waterway Surplus made cash sales during the month of October of $382000. The sales are subject to a 6% sales tax that was also collected. Which of the following would be included in the summary journal entry to reflect the sale transactions?
Credit Sales Taxes Payable for $21622.
Credit Sales Revenue for $354483.
Debit Accounts Receivable for $382000.
Credit Sales Taxes Payable for $22920.
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
