객관식
Which of the following accounts is credited by the seller when tax is collected on retail sales?
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9. Current Liabilities
Sales Tax Payable
객관식
Blue Skies Supplies does not keep separate records of revenues and sales taxes at the time of sale. The register totals for October 21 are \$20,776. All sales are subject to a 6% sales tax. If all cash receipts were originally included in Sales Revenue, the journal entry to adjust for sales taxes payable would include:
A
A debit to Sales Taxes Payable for \$1,176
B
A debit to Sales Tax Expense for \$1,246
C
A credit to Sales Taxes Payable for \$1,176
D
A credit to Sales Taxes Payable for \$1,246
검증된 단계별 안내1
Identify the total amount recorded as Sales Revenue, which includes both the actual sales and the sales tax. In this case, the total is \$20,776.
Determine the sales tax rate, which is given as 6%. This means that the sales tax is 6% of the actual sales amount.
Let the actual sales amount be represented by 'S'. The sales tax collected would then be 0.06 * S.
The total amount recorded, \$20,776, is the sum of the actual sales and the sales tax: S + 0.06 * S = \$20,776.
Solve the equation for 'S' to find the actual sales amount. Once 'S' is determined, calculate the sales tax by multiplying 'S' by 0.06. The journal entry will include a credit to Sales Taxes Payable for the calculated sales tax amount.
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