Candy's Video includes the amount of sales taxes collected directly in the price charged for merchandise, and the total amount is credited to Sales. During January, Sales was credited for $310,117.50. The January 31 adjusting entry to account for a 5% state sales tax should be
A) Sales 14,767.50Sales Taxes Payable 14,767.50
B) Sales Tax Expense 14,767.50Sales Taxes Payable 14,767.50
C) Sales 15,505.88Sales Taxes Payable 15,505.88
D) Sales Tax Expense 15,505.88Sales Taxes Payable 15,505.88
A
Business
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