22. Van Morrison sells inventory for $200,000 and collects $212,000 from the customer, which includes 6%...

22. Van Morrison sells inventory for $200,000 and collects $212,000 from the customer, which includes 6% sales tax. How much revenue does Morrison record for the sale?

Expert Solution

Notes:
	Sells inventory	$2,00,000
	Collect from the customer	$2,12,000

	Sales collection from the customer is inclusible of 6% sales tax

	So Sales tax = $ 212,000 X 6 / 106 =	$ 12,000

	Journal entry of the same is passed as below,
SOLUTION :

	Account Title and explanation	Debit	Credit

	Cash/ Account Receivable	$2,12,000
	Sales Revenue		$2,00,000
	Sales Tax Payable		$12,000
	(To recorded the sale revenue)


	As per above explaination,

	Sales revenue will be recorded for $ 200,000

	Answer = $ 200,000

ekkarill92 answered 2 years ago

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