Which of the Following Represents the Correct Journal Entry to Record

question 7

Multiple Choice

Which of the following represents the correct journal entry to record a taxable cash sale of $400 if the sales tax rate is 5%?

• A)A debit to cash for $420,a debit to sales tax expense for $20,and a credit to sales revenue for $400.
• B)A debit to cash for $400,a credit to sales tax payable for $20,and a credit to sales revenue for $380.
• C)A debit to cash for $420,a credit to sales tax payable for $20,and a credit to sales revenue for $400.
• D)None of these answer choices are correct.

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Definitions:

Collection of Genes

A set of genes in an organism that are inherited together from a single parent or recombined from both parents.

Genes

Units of hereditary information encoded in DNA, responsible for guiding the development and functioning of organisms.

One Ovum

A single egg cell produced by female reproductive systems; essential for sexual reproduction.

One Sperm

A single male gamete or reproductive cell that combines with the female gamete to form a zygote in sexual reproduction.