Merchandise is sold for cash. The selling price of the merchandise is $5,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include
A) A credit to Cash for $5,000.
B) A credit to Sales for $5,350.
C) A credit to Sales Tax Payable for $350.
D) None of these answers are correct.
Correct Answer:
Verified
Q111: The amount of the total cash paid
Q113: A chart of accounts for a merchandising
Q118: When merchandise is returned under the perpetual
Q118: If the seller is to pay the
Q119: When goods are shipped FOB destination and
Q119: Dorman Co. sold merchandise to Smith Co.
Q120: Using a perpetual inventory system, the entry
Q121: Cumberland Co. sells $2,000 of inventory to
Q124: Isaac Co. sells merchandise on credit to
Q125: Anthony Company sold Madison Company merchandise on
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