Bargain Surplus made cash sales during the month of October of $475,000. The sales are subject to a 6% sales tax that was also collected. The journal entry to reflect the sale transaction would include? (answer 22 and 23 below)   How much total cash was collected? Sales Tax Payable would be recorded at how much?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bargain Surplus made cash sales during the month of October of $475,000. The sales are subject to a 6% sales tax that was also collected. The journal entry to reflect the sale transaction would include? (answer 22 and 23 below)

 

  1. How much total cash was collected?
  2. Sales Tax Payable would be recorded at how much?
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