Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 16 Cash Sales Revenue Sales Taxes Payable Debit Credit

Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 16 Cash Sales Revenue Sales Taxes Payable Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Make the entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Date Account Titles and Explanation
Mar. 16
Cash
Sales Revenue
Sales Taxes Payable
Debit
Credit

Bramble Auto Supply does not segregate sales and sales taxes at the time of sale. The register total
for March 16 is $23,100. All sales are subject to a 10% sales tax.
(a1)
Compute sales taxes payable.
Sales taxes payable
$

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