Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,044, an amount that includes a 10% excise tax and a 6% state sales tax a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Barnes Company Round all answers to the nearest dollar. a. Amount of recorded revenue 0 b Date Dec 31 Check General Journal Description Excise Tax Payable Sales Tax Payable To record sale on account subject to excise tax and sales tax Debit 0 credit

Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,044, an amount that includes a 10% excise tax and a 6% state sales tax a. What amount of revenue is recorded? b. Prepare a general journal entry to record the transaction on the books of Barnes Company Round all answers to the nearest dollar. a. Amount of recorded revenue 0 b Date Dec 31 Check General Journal Description Excise Tax Payable Sales Tax Payable To record sale on account subject to excise tax and sales tax Debit 0 credit

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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