Solved

Maple Street Bookstore Has Collected $1500 in Sales Taxes During  Sales Taxes Payable 1,500 Cash 1,500\begin{array}{lrr} \text { Sales Taxes Payable } &1,500\\ \text { Cash } &&1,500\\\end{array}

Question 61

Short Answer

Maple Street Bookstore has collected $1500 in sales taxes during April. If sales taxes must be remitted to the state government monthly what entry will Maple Street Bookstore make to show the April remittance? a.
 Sales Taxes Payable 1,500 Cash 1,500\begin{array}{lrr} \text { Sales Taxes Payable } &1,500\\ \text { Cash } &&1,500\\\end{array}

b.
 Sales Tax Expense 1,500 Cash 1,500\begin{array}{lrr} \text { Sales Tax Expense } &1,500\\ \text { Cash } &&1,500\\\end{array}

c.
 Sales Tax Expense 1,500 Sales Taxes Payable 1,500\begin{array}{lrr} \text { Sales Tax Expense } &1,500\\ \text { Sales Taxes Payable } &&1,500\\\end{array}

d. No entry required.\text {No entry required.}

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents