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swat32
3 years ago
9

Sales revenue for a sporting goods store amounted to $ 535 comma 000 for the current period. All sales are on account and are su

bject to a sales tax of 11​%. Which of the following would be included in the journal entry to record the sales​ transaction?
Business
1 answer:
Serhud [2]3 years ago
4 0

Answer:

Explanation:

The journal entry is shown below:

Account receivable A/c Dr $593,850

         To Sales tax payable A/c      $58,850                 ($535,000 × 11%)

          To Sales revenue A/c          $535,000

(Being sale is made on credit)

The account receivable amount includes both the sales tax payable and the sales revenue amount.

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3 years ago
Carrot Corporation, a C corporation, has a net short-term capital gain of $65,000 and a net long-term capital loss of $250,000 d
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Answer:

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4 years ago
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