Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following represents the correct journal entry to record a taxable cash sale of $880 if the sales tax rate is 5%? A

image text in transcribed
Which of the following represents the correct journal entry to record a taxable cash sale of $880 if the sales tax rate is 5%? A debit to cash for $924, a debit to sales tax expense for $44, and a credit to sales revenue for $880. A debit to cash for $880, a credit to sales tax payable for $44, and a credit to sales revenue for $836. A debit to cash for $924, a credit to sales tax payable for $44, and a credit to sales revenue for $880. None of these answer choices are correct

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

Accounting And Finance For Non Specialists

Authors: Eddie McLaney, Peter Atrill

8th Edition

9780273778165

More Books

Students also viewed these Accounting questions

Question

=+2. Who is the audience?

Answered: 1 week ago