sales and sales taxes at the uime U Greenspan Supply does not segregate sale. Th

Question

sales and sales taxes at the uime U Greenspan Supply does not segregate sale. The register total for March 16 is $7,280. All sales are subject to a 4% sales tax. Compute sales taxes payable. Sales taxes payable Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Debit Credit Date Account Titles and Explanation Mar. 16 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL

Explanation / Answer

Sales tax payable = 7280/104*4= 280 Mar-16 Cash 7280      Sales revenue 7000      Sales tax payable 280

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