Homework Answers
Answer:
As per the given Question
sales taxes payable = register total / 106% * 6%
= $15,370 / 106% *6%
= $ 870
| Sales Tax Payable | $ 870 |
Sales Revenue = $ 15,370 / 106%
= $ 14,500
| Date | Account Titles and Explanation | Debit | Credit |
| Mar 16 | Cash | 15,370 | |
| Sales Revenue | 14,500 | ||
| Sales Tax Payable | 870 |
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SREEN PRINTER VE Practice Brief Exercise 1 Greenspan Supply does not segregate sales and sales taxes...
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Brief Exercise 10-3
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Sales taxes payable
$
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(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 16
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Credit
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Brief Exercise 10-3
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the time of sale. The register total for March 16 is $60,348. All
sales are subject to a 7% sales tax.
Compute sales taxes payable.
Sales taxes payable
$
Make the entry to record sales taxes payable and sales revenue.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 16
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taxes at the time of sale. The register total for March 16 is
$10,388. All sales are subject to a 6% sales tax.
Compute sales taxes payable.
Sales tax payable
$
Make the entry to record sales taxes payable
and sales. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 16
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