Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. kathy's corner store has total cash sales for the

Kathy's Corner Store has total cash sales for the month of 534,000 excluding sales taxes....

60.1K

Verified Solution

Question

Accounting

image

Kathy's Corner Store has total cash sales for the month of 534,000 excluding sales taxes. If the sales tax rate is 8%, which journal entry is needed? (ignore Cost of Goods Sold) O A. debit Cash 531 280. debit Sales Tax Receivable for $2.720 and credit Sales Revenue for $34.000 O B. debit Cash $36.720. Credit Sales Revenue $36.720 OC. debit Cash $34,000 and credit Sales Revenue 534,000 O D. debit Cash $36.720, credit Sales Revenue 534,000 and credit Sales Tax Payable 52,720

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!
Become a Member

Other questions asked by students

Physics
1.2K views

A solid sphere, radius R, is centered at the origin. The “northern” hemisphere carries a uniform...

Mechanical Engineering
1.2K views

What are the synthesis methods for carbon nanotubes? What is the general growth mechanism for...

Biology
1.2K views

Plant cet Atom Flu virus Lipids ALAD Mitochondria Frog egg Animal cell Protein Human egg...

Biology
1.2K views

Question 6 Name the part of the tRNA molecule that is complementary to the codon...

Biology
1.2K views

If you were writing that the theme of A Piece of String was that people...

Basic Math
1.2K views

26 The Warm Hearts for Winter Charity Club wants to organize a fund raising dinner...

Calculus
1.2K views

Find the slope of the tangent line to the curve 1x 4xy 2y 36 at...

Accounting
1.2K views

The following account balances and other information were taken from the accounting records of Power...

Accounting
1.2K views

You are employed as an accountant for Innovative Computing. Your company is in the process...

Accounting
1.2K views

If Fabulous Frames uses the FIFO method, the cost of the ending inventory will be...

Accounting
1.2K views

31. A statement of cash flows: a. is used to estimate net farm income b....

Accounting
1.2K views

Salsa Company is considering an investment in technology to improve its operations. The investment costs...