【单选题】5 Which of the following factors could cause a company’s gross profit percentage on sales to fall below the expected level? 1 Understatement of closing inventories. 2 The incorrect inclusion in purcha...
【单选题】Kathy's Corner Store has total cash sales for the month of $36,000 excluding sales taxes. If the sales tax rate is 5%, what journal entry is needed? (Ignore Cost of Goods Sold.)
A.
debit Cash $37,800, credit Sales $37,800
B.
debit Cash $36,000 and credit Sales $36,000
C.
debit Cash $34,200, debit Sales Tax Receivable for $1,800 and credit Sales for $36,000