Ivanhoe Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $18,900. All sales are subject to a 5% sales tax. (a1) Compute sales taxes payable. Sales taxes payable     (a2) Give the journal entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  Date Account Titles and Explanation Debit Credit March 16

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ivanhoe Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $18,900. All sales are subject to a 5% sales tax.

(a1) Compute sales taxes payable.

Sales taxes payable    



(a2) Give the journal entry to record sales taxes payable and sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 

Date
Account Titles and Explanation
Debit
Credit
March 16
     
       
       
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