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mash [69]
3 years ago
6

During December, Far West Services makes a $3,200 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.

5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Dima020 [189]3 years ago
8 0

Answer:

Dr Accounts receivable 3,472

Cr Sales 3,20

Cr Sales tax payable 272

Explanation:

Since $3,200 is the credit sale and the state sales tax rate is 6% while the local sales tax rate is 2.5% which means we have to calculate for 6% of 3,200 as well as 2.5% of 3,200 which is: Sales tax payable

6%×3,200=192

2.5%×3,200=80

192+80= 272

The last step is to Debit Accounts receivable with 3,472 (3,200+272) , Credit Sales 3,200 and Credit Sales tax payable with 272

Far West Services Journal entry

Dr Accounts receivable 3,472

(3,200+272)

Cr Sales 3,200

Cr Sales tax payable 272

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Answer:

b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120

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The it's necessary to record this entry:

b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120

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KFC has added many offerings to its menus in China to appeal to local tastes, including the "Dragon Twister," which is a chicken
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Answer:

D. Product Invention

Explanation:

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Ganezh [65]

One major difference between low-income children who participated in the high-scope preschool project and those that did not participate was that at the age of 27 years, <u>those who practiced were more likely to be married and own their house</u>.

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Alika [10]

Answer:

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