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Accounting

Which of the following represents the correct journal entry to record a taxable cash sale of $80 if the sales tax rate is 5%?

	A debit to cash for $80, a debit to sales tax expense for $4, and a credit to sales revenue for $84.
	A debit to cash for $84, a credit to sales tax payable for $4, and a credit to sales revenue for $80.
	A debit to cash for $80, a credit to sales tax payable for $4, and a credit to sales revenue for $76.
	None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9950350

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