A company receives $360 for a sale, of which $20 is for sales tax. The journal entry to record the sale is:

A) Sales Tax Expense 20Cash 340Sales 360
B) Cash 340Sales 340
C) Cash 360Sales 360
D) Cash 360Sales Tax Payable 20Sales 340

D

Business

You might also like to view...

What is meant by the prospectus prepayment curve?

What will be an ideal response?

Business

Explain the difference between absorption costing and variable (or direct) costing. Which one is more useful when establishing prices? Why?

What will be an ideal response?

Business