Brief Exercise 13-5 Bramble Corporation made credit sales of $30,600 which are s

Question

Brief Exercise 13-5 Bramble Corporation made credit sales of $30,600 which are subject to 7% sales tax. The corporation also made cash sales which totaled $10,593 including the 7% sales tax. Prepare the entry to record Bramble's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Debit Credit Prepare the entry to record Bramble's cash sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Explanation / Answer

Account Titles and Explanation Debit Credit Accounts Receivable ( $ 30,600 *107%) $ 32,742 Sales Tax Payable ( $ 30,600 * 7%) $ 2,142 Sales Revenue $ 30,600 (Being Credit Sales recorded) Cash $ 10,593 Sales Tax payable ( $ 10,593 /107% *7%) $ 693 Sales Revenue ( $ 10,593 /107%) $ 9,900

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