A company receives $305, of which $20 is for sales tax. The journal entry to...
60.1K
Verified Solution
Link Copied!
Question
Accounting
A company receives $305, of which $20 is for sales tax. The journal entry to record the sale would include a debit to Sales Revenue for $305. debit to Sales Tax Expense for $20. credit to Sales Taxes Payable for \$20. debit to Cash for \$285
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
