Marigold Corp. Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $8,400. All sales are subject to a 5% sales tax. Compute sales taxes payable. Sales taxes payable $ enter a dollar amount Make the entry to record sales taxes payable and sales. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

The sales tax is lived upon the selling price of the goods by the retailers after selling the final goods. Thus, the sales tax here would be $400.

The sales that include sales tax is given as $8400 during March 16. Here, the sales tax is 5% on each sale.

Similarly, the computation of sales would be done as:

The tax in the total sales amount would be computed as follows:

The Journal Entry for the above-calculated sales tax would be recorded as;

Cash account                               $8400

To Sales account                                            $8000

To sales tax payable account                         $400

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Solution and Explanation:

The following calculation is made in order to find out the value of sales tax which is payable

Sales including the sales tax = $8,400  

Sales tax rate = 5%  

Sales Tax = $400  

Sales = $8,000  

Sales Tax payable = $400  

The following Journal Entry will be passed in the books of accounts  

DateAccount Title              DebitCredit

Mar 16Cash                   $8,400  

     Sales                                    $8,000

   Sales Tax Payable                       $40

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