Homework Answers
Sale = $14,500
Sales tax = 7%
Sales tax will be ($14,500 * 7%) = $1,015
Total Sales value will be ($14,500 + $1,015) = $15,515
Journal Entry is
Accounts receivable account............Debit $15,515
To Sales account...........................Credit $14,500
To Sales tax payable account........Credit $1,015
a) Sales tax to be recorded at the time of sale.
b) Amount credited to sales $14,500
c) Accounts receivable to be debited with $15,515
d) Sales tax payable account will be credited with $1,015
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