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kherson [118]
3 years ago
14

A retail store's Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales. If the sale

s tax rate is 5%, what is the amount of the sales taxes owed to the taxing agency?
Business
1 answer:
ella [17]3 years ago
3 0

Answer:

$10,619.05

Explanation:

When sales is made at a tax rate of 5%, the entries to be posted in the proportion of the transaction amount

Dr Cash/ Accounts receivable 105%

Cr Sales revenue 100%

Cr Sales tax 5%

As such, if Sales Account totals $223,000 which includes both the sales revenue and the sales tax on the sales, it means that the accounts contains 105%, as such, the sales tax which is the amount owed the taxing agency

= 5/105 * $223,000

= $10,619.05

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