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storchak [24]
3 years ago
8

Waterway Surplus made cash sales during the month of October of $395000. The sales are subject to a 6% sales tax that was also c

ollected. Which of the following would be included in the summary journal entry to reflect the sale transactions? Credit Sales Revenue for $367483. Credit Sales Taxes Payable for $23700. Debit Accounts Receivable for $395000. Credit Sales Taxes Payable for $22358.
Business
1 answer:
ahrayia [7]3 years ago
6 0

Answer:

Credit Sales Taxes Payable for $23700

Explanation:

The journal entry to reflect the sale transactions is:

- Account Cash, an asset account, which increases with debit. $395000 + $23700.

If you debit a cash account, then this means that the amount of cash on hand increases.

- Account Sales, an income account, which increases with credit. $395000.

Income accounts, a credit increases the balance.

- Account Sales Taxes Payable, a liability account, wich increases with credit. $23700.

If you credit an accounts payable account, this means that the amount of accounts payable liability increases.

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The main difference between preferred and common stock is that preferred stock gives no voting rights to shareholders while common stock does. Preferred shareholders have priority over a company's income, meaning they are paid dividends before common shareholders.

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Define the term prime rate.
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Hank brings several thousand dollars in cash to a small bank and exchanges it for cashier's checks. If this transaction is part
Radda [10]

Answer:

Placement

Explanation:

Money laundering is an illegal process of concealing the money obtained through an illegal act by passing it through a series of other complex transactions .

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Hank's action of exchanging the stolen money for cashier's check is a typical example.

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3 years ago
What are the subsidiaries of ViacomCBS?
Tom [10]

Answer:

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It takes you 3 hours to make a sweater which you can sell online and make a $60 profit for the sweater. It takes you 2 hours to
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Answer:

True

Explanation:

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It makes more sense to devote my time to making pants, so the right answer is True. A caveat though, in one hour one pair of pants won't be produced, as it takes two hours to produce one pair.

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