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Tom [10]
3 years ago
6

Coghlan Auto Supply docs not segregate sales and sales taxes at the time of sale. The register total for March 16 is $16, 380. A

ll sales arc subject to a 5% sales tax. Compute sales taxes payable, and make the entry to record sales taxes payable and sales revenue.
Business
1 answer:
emmainna [20.7K]3 years ago
7 0

Answer

Sales tax Payable = $780

Entry to record transaction is:

Dr: Cash $16,380

Cr: Sales Tax Payale $ 780

Cr: Sales $ 15,600

Explanation:

Coghlan Auto Supply sales are inclusive of tax so at first step it is necessary to segregate sales tax from the total sales of $16,380.

In order to calculate sales tax in Coghlan total sale divide the total sales figure with 1+the sales tax rate i.e (1+5%=1.05)

So the sales exclusive of  tax will be:  $ 16,380/1.05 =  $15,600

Tax can be calculated now by subtracting Net sales by gross sales i.e $16,380-$15,600 = $780.

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