Sales revenue for a sporting goods
Sales revenue for a sporting goods store amounted to $215,000 for the current period. All sales are on account and are subject to a sales tax of 7%. Which of the following would be included in the journal entry to record these sales?
A debit to Sales tax payable for $15,050
A credit to Accounts receivable for $215,000
A debit to Accounts receivable for $230,050
A debit to Sales revenue for $215,000
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Notes payable is:
A business expense
A current liability
An estimated liability
A contingent liability
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