Practice More Quizzes:
In the same state, shoes, bananas, and a haircut would all be subject to the same sales tax rate.
Funds in the Sales Tax Payable account can be treated as if they were Sales Revenue.
Which account is missing in this journal entry for the $32.40 sale that includes $2.40 in tax? Account Debit Credit Cash $32.40 ? $2.40 Sales Revenue $30.00
A customer purchases a pair of leopard spot fuzzy dice for $30 and the purchase is subject to 8% tax. What’s the total amount Crankshaft Customs should collect from the customer? (Format your answer as $xx.xx)
Which feature of accounting software can provide information about how much sales tax is owed to each tax agency?
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