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Question
Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $78,000 of cash sales that are subject to a 6% sales tax, what is the journal entry to record the cash sales?A.Debit Cash $82,680; credit Sales $78,000; credit Sales Taxes Payable $4,680.
B.Debit Sales Taxes Payable $4,680; debit Cash $73,220; credit Sales $78,000.
C.Debit Cash $78,000; credit Sales $78,000; and record the taxes when paid.
D.Debit Cash $78,000; credit Sales $73,320; credit Sales Taxes Payable $4,680.
E.Debit Accounts Receivable $82,680; credit Sales $78,000; credit Sales Taxes Payable $4,680.
Answer
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