Kingbird Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $18,720. All sales are subject to a 4% sales tax. Compute sales taxes payable. Sales taxes payable 720 Make the entry to record sales taxes payable and sales. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) Date Account Titles and Explanation Mar. 16 Cash Unearned Sales Revenue Sales Taxes Payable Debit 18,720 Credit 18,000 720

Kingbird Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $18,720. All sales are subject to a 4% sales tax. Compute sales taxes payable. Sales taxes payable 720 Make the entry to record sales taxes payable and sales. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) Date Account Titles and Explanation Mar. 16 Cash Unearned Sales Revenue Sales Taxes Payable Debit 18,720 Credit 18,000 720

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...

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