Vaughn Corporation made credit sales of $39,600 which are subject to 5% sales tax. The corporation...

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Vaughn Corporation made credit sales of $39,600 which are subject to 5% sales tax. The corporation also made cash sales which totaled $16,905 including the 5% sales tax. (a) Prepare the entry to record Vaughn's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Vaughn Corporation made credit sales of $39,600 which are subject to 5% sales tax. The corporation also made cash sales which totaled $16,905 including the 5% sales tax. (a) Prepare the entry to record Vaughn's credit sales. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

Answer rating: 100% (QA)

Heres the journal entry to record Vaughns credit sales Accoun... View the full answer