A company receives $348, of which $28 is for sales tax. The journal entry to record the sale would include a

1. debit to Sales Taxes Payable for $28.

2. debit to Sales Revenue for $348.

3. debit to Cash for $348.

4. debit to Sales Taxes Expense for $28.

Question

Business

Kinsley Franklin

11 August, 05:54

A company receives $348, of which $28 is for sales tax. The journal entry to record the sale would include a

1. debit to Sales Taxes Payable for $28.

2. debit to Sales Revenue for $348.

3. debit to Cash for $348.

4. debit to Sales Taxes Expense for $28.

+1

Answers (1)

Know the Answer?

Crystal Wilson · Answer 1

3) debit to Cash for $348.

Explanation:

The complete journal entries should be:

Dr Cash account 348

Cr Sales Revenue account 320

Cr Sales Taxes Payable account 28

Cash is an asset account and it increases, so it should be debited.

Sales revenue is a revenue account and it increases, so it should be credited.

Sales taxes payable is a liability and it increases, so it should be credited.

A company receives $348, of which $28 is for sales tax. The journal entry to record the sale would include a1. debit to Sales Taxes Payable for $28.2. debit to Sales Revenue for $348.3. debit to Cash for $348.4. debit to Sales Taxes Expense for $28.

A company receives $348, of which $28 is for sales tax. The journal entry to record the sale would include a

1. debit to Sales Taxes Payable for $28.

2. debit to Sales Revenue for $348.

3. debit to Cash for $348.

4. debit to Sales Taxes Expense for $28.