Sales revenue for a sporting goods store amounted to $526,000 for the current period. All sales are on account and are subject to a sales tax of 10%. Which of the following would be included in the journal entry to record the sales transaction?
A) a debit to Sales Revenue for $526,000
B) a credit to Accounts Receivable for $526,000
C) a debit to Sales Tax Payable for $52,600
D) a debit to Accounts Receivable for $578,600
D .Accounts Receivable 578,600
Sales Revenue 526,000
Sales Tax Payable ($526,000 x 10%) 52,600
You might also like to view...
The vested benefit obligation is the present value of the benefits the employee is entitled to receive even if the employee is no longer employed by the company
Indicate whether the statement is true or false
Behavioral research is the most scientifically valid research
Indicate whether the statement is true or false
Stock analysts generally issue more "sell" recommendations than "buy" recommendations.
Answer the following statement true (T) or false (F)
Equity increases as a result of stockholder investments and business revenues.
Answer the following statement true (T) or false (F)