The balances of certain accounts of Vanessa Corporation on April 30, 2016, were as follows: Sales................................................. $230,000

Question:

The balances of certain accounts of Vanessa Corporation on April 30, 2016, were as follows:

Sales................................................. $230,000

Sales Returns and Allowances.................... $ 4,000

The firm's net sales are subject to a 6 percent sales tax. Prepare the general journal entry to record payment of the sales tax payable on April 30, 2016.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...