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nekit [7.7K]
3 years ago
15

During December, Far West Services makes a $1,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.

5%. Record sales and sales tax payable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
vredina [299]3 years ago
3 0

Answer:

Account Receivables 1,736 debit

   Sales Revenue             1,600 credit

   sales tax payable            136 credit

Explanation:

The company will charge to the 1,600 sale the sales tax :

1,600 x (0.06 state + 0.025 local) = 136

the salestax is levied in the consumer not the firm thus it is not an expense the company is just an intermediary between the government and the consumer.

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A company purchased $6,500 of merchandise on May 1 with terms of 2/10, net 30. On May 6, it returned $500 of that merchandise. O
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Answer:

The cash paid on May 8 is: $5,880

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