Answered: Determine the amount of cash collected…

Determine the amount of cash collected at the time of making a sale 9f $2,999 worth of merchandise subject to a 6% provincial sales tax plus 5% gst

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dillons Corporation made credit sales of $30 000 which are subject to 6% sales tax The corporation also made cash sales which totaled $20.670 including the 6% sales tax Prepare the entry to record Dillons Credit Sales O Accounts Receivable $30.000 Sales $30,000 O Accounts Receivable $30,000 Sales $28.200 Sales tax Payable $1 800 O Accounts Receivable $30,000 Sales $28.200 Cash $1.800 Accounts Receivable $31.800 $30 000 $1 800 Sales Sales tax Payable
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