Question

On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the revenue portion of the journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

Answer 1

Date       -     Account Title         -        Debit        -     Credit

Feb 13

                     Cash                        -      $10,975      -

                     Sales                       -                          -    $10,000

                     Sales Tax Payable -                          -     $975

What is a Drop-down menu?

A drop-down list (abbreviated drop-down, or DDL; also known as a drop-down menu, drop menu, pull-down list, picklist) is a graphical control element, similar to a list box, that allows the user to choose one value from a list.

When a drop-down list is inactive, it displays a single value. When activated, it displays (drops down) a list of values, from which the user may select one.

When the user selects a new value, the control reverts to its inactive state, displaying the selected value. It is often used in the design of graphical user interfaces, including web design.

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