Entry to record the sales tax payment, Accounting Basics

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Entry to record the sales tax payment

A retailer recorded the following in June: cash sales $2,000; credit sales, $9,000; sales returns and allowances, $1,000. Assuming the sales tax rate is 7%, the entry to record the sales tax payment includes a debit to Sales Tax Payable for:

a. $560

b. $700

c. $630

d. $770

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Accounting Basics: Entry to record the sales tax payment

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Accounting Basics: Entry to record the sales tax payment

Reference No:- TGS056834

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Entry to record the sales tax payment

Reference No:- TGS056834

Recent Questions Asked Accounting Basics

Q : Sensory impressions in bells by anne sexton

Q : Calculating optimal weighted average cost of capital

Q : Fair-value method to the equity method

Q : Dividend amount after financing its capital budget

Q : Entry to record the sales tax payment

Q : Fund balance after the last payment

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Q : International organized crime

Q : What amount of ordinary business income is allocated

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