In May, a retailer recorded credit sales of $10,000. Assuming the sales tax rate is 7 percent, the entry to record the sales in the sales journal would include:
A) a credit to Sales of $10,700.
B) a debit to Accounts Receivable of $10,700.
C) a debit to Sales Tax Payable of $700.
D) a credit to Accounts Receivable of $10,700.
Correct Answer:
Verified
Q20: When a business makes a sale on
Q21: GiGi's Sporting Goods uses special journals. If
Q22: If a firm had sales of $68,000
Q23: The Sales Returns and Allowances account is
Q24: In a sales journal used to record
Q26: After all postings have been made, the
Q27: Which of the following statements is correct?
A)To
Q28: To find the balance due from an
Q29: Ables Budget Boutique uses special journals. If
Q30: A wholesale firm sold merchandise with a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents