Problemas

Cantrell Company is required by law to collect and remit sales taxes to the state If Cantrell has 8,000 of cash sales that are subject to an 8% sales tax, what is the journal entry to record the cash sales? Debit Cash 8,640 credit Sales 8,000 credit Sales Taxes Payable 640 Debit Accounts Receivable 8,640 credit Sales 8,000 credit Sales Taxes Payable 640 Debit Cash 8,000 credit Sales 8,000 and record the taxes when paid. Debit Sales Taxes Payable 640 debit Cash 7,360 credit Sales 8,000 Debit Cash 8,000 credit Sales 7,360 credit Sales Taxes Payable 640
Solución
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María Elenaprofessionell · Tutor durante 6 años
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Responder
To determine the correct journal entry, let's break this down step by step:<br /><br />1. **Cash Sales Amount**: The company made \( \$ 8,000 \) in cash sales.<br />2. **Sales Tax Rate**: The sales tax rate is \( 8\% \).<br />3. **Sales Tax Calculation**: <br /> \[<br /> \text{Sales Tax} = \text{Sales Amount} \times \text{Tax Rate} = 8,000 \times 0.08 = 640<br /> \]<br />4. **Total Cash Collected**: The total cash collected includes both the sales amount and the sales tax:<br /> \[<br /> \text{Total Cash Collected} = \text{Sales Amount} + \text{Sales Tax} = 8,000 + 640 = 8,640<br /> \]<br /><br />5. **Journal Entry**:<br /> - Debit **Cash** for the total amount collected (\( \$ 8,640 \)).<br /> - Credit **Sales** for the sales amount (\( \$ 8,000 \)).<br /> - Credit **Sales Taxes Payable** for the sales tax amount (\( \$ 640 \)).<br /><br />### Correct Journal Entry:<br />**Debit Cash \( \$ 8,640 \); credit Sales \( \$ 8,000 \); credit Sales Taxes Payable \( \$ 640 \).**<br /><br />This matches the first option provided.
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