Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount that includes an eleven percent excise tax and a four percent state sales tax. What amount of revenue is recorded? Prepare a general journal entry to record the transaction on the books of Barnes Company.
Excise and Sales Tax Calculations Barnes Company has just billed a customer for $1,010 an amount that includes an eleven percent excise tax and a four percent state sales tax. What amount of revenue is recorded? Prepare a general journal entry to record the transaction on the books of Barnes Company.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...
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E10-5A Excise and Sales Tax Calculations
Barnes Company has just billed a customer for $1,010 an amount that includes an eleven percent
excise tax and a four percent state sales tax.
- What amount of revenue is recorded?
- Prepare a general
journal entry to record the transaction on the books of Barnes Company.
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