base electronics collects $1,400 in sales tax this month. to pay the sales tax, the journal entry would be:

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01-12-2022
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base electronics collects $1,400 in sales tax this month. to pay the sales tax, the journal entry would be:

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contexto1005 contexto1005 · Answer 1 · 2022-12-06T01:05:25+01:00

Base electronics collects $1,400 in sales tax this month.On July 15, 2021, sales of $77,000 ($551400) are recorded, with a credit to the sales account and a debit to the account receivables.

Cash was collected on July 23, 2021, which suggests that the payment was made during the discount period. As a result, the amount received is equal to the selling price less the 2% discount, and the cash collected is therefore $75460 ($77000*98%).The act of keeping or creating records of any transaction, whether one that is economic or not, is known as Journalising Transactions are recorded in an accounting journal, which displays a company's debit and credit balances. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.Without taking any deductions for costs or applying any reductions to the sale value, the transaction is documented using the gross method.

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