Business, 09.04.2020 22:50 mat1413

Smith Company sold merchandise for $3,000 cash. Assume the event is subject to a state sales tax of 9%. Which of the following journal entries would be required to record the sales event? (Ignore any effects associated with the recognition of cost of goods sold.)

A. Account Titles Debit Credit
Cash 3,270
Sales Revenue 3,270
B. Account Titles Debit Credit
Cash 3,000
Sales Tax Expense 270
Sales Revenue 3,270
C. Account Titles Debit Credit
Cash 3,000
Sales Tax Payable 270
Sales Revenue 2,730
D. Account Titles Debit Credit
Cash 3,270
Sales Tax Payable 270
Sales Revenue 3,000

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Smith Company sold merchandise for $3,000 cash. Assume the event is subject to a state sales tax of...

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