Merchandise is sold for cash. The selling price of the merchandise is $1,700 and the sale...

 

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Merchandise is sold for cash. The selling price of the merchandise is $1,700 and the sale is subject to a 5% state sales tax. The journal entry to record the sale would include a credit to OCash for $1,700 Sales for $1,785 Sales Tax Payable for $85 Sales for $1,700 Merchandise is sold for cash. The selling price of the merchandise is $1,700 and the sale is subject to a 5% state sales tax. The journal entry to record the sale would include a credit to OCash for $1,700 Sales for $1,785 Sales Tax Payable for $85 Sales for $1,700

Answer rating: 100% (QA)

Solution The correct answer is sales tax payable ... View the full answer