A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would include a Select one: a. debit to Cash for $996. b. debit to Sales Taxes Payable for $56. c. debit to Sales Tax Expense for $56. d. The answer does not exist e. debit to Sales Revenue for $696.

A company receives $696, of which $56 is for sales tax. The journal entry to record the sale would include a Select one: a. debit to Cash for $996. b. debit to Sales Taxes Payable for $56. c. debit to Sales Tax Expense for $56. d. The answer does not exist e. debit to Sales Revenue for $696.

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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Question

A company receives $696, of which $56 is for sales tax.
The journal entry to record the sale would include a
Select one:
a. debit to Cash for $996.
b. debit to Sales Taxes Payable for $56.
c. debit to Sales Tax Expense for $56.
d. The answer does not exist
e. debit to Sales Revenue for $696.

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