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Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are ...

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Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are ...

Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are on account and are subject to a sales tax of 10%. Which of the following would be included in the journal entry to record the sales transaction?
A) a debit to Sales Revenue for $526,000
B) a debit to Sales Tax Payable for $52,600
C) a debit to Accounts Receivable for $578,600
D) a credit to Accounts Receivable for $526,000

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

Read 1077 times

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H3Ko Author

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7 years ago

I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right

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Valeria G.

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4 years ago

I appreciate the help.

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Brandon L.

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4 years ago

Thanx

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Jeid123

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3 years ago

thanks

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