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Ilya [14]
3 years ago
7

During December, Rainey Equipment made a $658,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.

5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
crimeas [40]3 years ago
3 0

Answer:

Debit: Accounts Receivable 707,350

Credit: Sales Revenue 658,000

Credit: Sales taxes payable ([6% + 1.5%] × $658,000) = $49,350

Explanation:

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