FINANCIAL ACCOUNTING: TOOL
FINANCIAL ACCOUNTING: TOOL
9th Edition
ISBN: 9781119598305
Author: Kimmel
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 10, Problem 10.3BE
To determine

Sales tax payable:

The Company collects the tax from the customer when the sale is made on cash or on account, and periodically deposits the collections to the state’s department of revenue. Many states are implementing sales taxes on purchases made on the internet also. Sales taxes are computed as percentage of the sales price.

To compute: The sales taxes of Company G using sales revenue and percentage of sales tax.

To determine

To prepare: The journal entry to record sales tax payable and sales revenue

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Chapter 10 Solutions

FINANCIAL ACCOUNTING: TOOL

Debits and credits explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=n-lCd3TZA8M;License: Standard Youtube License