A company receives $444, of which $44 is for sales tax. The journal entry to record the sale would include a credit to Sales debit to Sales Taxes Payable for $44 Revenue for $444 debit to Sales debit to Cash for Taxes Expense for $44 $404

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A company receives $444, of
which $44 is for sales tax. The
journal entry to record the sale
would include a
credit to Sales
debit to Sales
Taxes Payable for
$44
Revenue for $444
debit to Sales
debit to Cash for
Taxes Expense for
$44
$404
Transcribed Image Text:A company receives $444, of which $44 is for sales tax. The journal entry to record the sale would include a credit to Sales debit to Sales Taxes Payable for $44 Revenue for $444 debit to Sales debit to Cash for Taxes Expense for $44 $404
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