A retailer recorded the following in June: cash sales $2,000; credit sales, $9,000; sales returns and allowances, $1,000. Assuming the sales tax rate is 7%, the entry to record the sales tax payment includes a debit to Sales Tax Payable for: a. $560. b. $630. c. $700. d. $770.

A retailer recorded the following in June: cash sales $2,000; credit sales, $9,000; sales returns and allowances, $1,000. Assuming the sales tax rate is 7%, the entry to record the sales tax payment includes a debit to Sales Tax Payable for: a. $560. b. $630. c. $700. d. $770.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Question

A retailer recorded the following in June: solve these financial accounting question not use ai

A retailer recorded the following in June: cash sales $2,000; credit
sales, $9,000; sales returns and allowances, $1,000. Assuming the sales
tax rate is 7%, the entry to record the sales tax payment includes a debit
to Sales Tax Payable for:
a. $560.
b. $630.
c. $700.
d. $770.

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

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