Prepare a journal entry to record the sales revenue and sales tax for the month.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Grocery Outlet (*sings* Bargain Market….totally stuck in your head now) had cash sales of $598,000 during the month of August. Sales taxes of 6.5% were collected on the sales. Prepare a
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Debit | Credit |
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Step 1
Given details are:
Cash Sales = $598,000
Sales taxes = 6.5% on Sales
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