Coghlan Auto Supply does not segregate sales and sales taxes sales tax. the time of sale. The cash register total for March 16 is $16,380. All sales are subject to a 5% Compute sales taxes payable. Sales taxes payable $ Make the entry to record sales taxes payable and sales revenue. Omit the cost of goods sold entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Two part question 

Part One:

Coghlan Auto Supply does not segregate sales and sales taxes at the time of sale. The cash register total for March 16 is $16,380. All sales are subject to a 5% sales tax.

Compute sales taxes payable.

Part Two:

Make the entry to record sales taxes payable and sales revenue. Omit the cost of goods sold entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Coghlan Auto Supply does not segregate sales and sales taxes
sales tax.
the time of sale. The cash register total for March 16 is $16,380. All sales are subject to a 5%
Compute sales taxes payable.
Sales taxes payable $
Transcribed Image Text:Coghlan Auto Supply does not segregate sales and sales taxes sales tax. the time of sale. The cash register total for March 16 is $16,380. All sales are subject to a 5% Compute sales taxes payable. Sales taxes payable $
Make the entry to record sales taxes payable and sales revenue. Omit the cost of goods sold entry. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 16
Transcribed Image Text:Make the entry to record sales taxes payable and sales revenue. Omit the cost of goods sold entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 16
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