Sales Revenue for a Sporting Goods Store Amounted to $215,000

question 76

Multiple Choice

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) A debit to Sales revenue for $215,000
• B) A credit to Accounts receivable for $215,000
• C) A debit to Sales tax payable for $15,050
• D) A debit to Accounts receivable for $230,050

Understand the formation and function of granulation tissue in wound healing.

Differentiate between the processes of regeneration and replacement in tissue repair.

Identify the symptoms and mediators of inflammation.

Describe the structure and function of basic tissue types.

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Definitions:

Agency Relationship

A legal arrangement in which one party, the agent, is authorized to act on behalf of another, the principal, in business transactions or other matters.

Bankruptcy

The legal process by which the assets of a debtor are sold to pay off creditors so that the debtor can make a fresh start financially.

Operation Of Law Authority

Legal changes or transfers that occur automatically because of established laws, without the need for action by individuals.

Apparent Authority

The appearance or assumption of authority based on the actions or statements of the principal, leading others to believe someone has the authority to act on behalf of the principal.