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-   -   Accounting for Sales Tax (https://www.askmehelpdesk.com/showthread.php?t=345330)

  • Apr 23, 2009, 05:38 PM
    blueemi
    Accounting for Sales Tax
    If total sales were 773,000 and included a 7% sales tax, what is the amount of sales tax payable?
  • Apr 23, 2009, 06:59 PM
    woodpony22

    Divide the total by 1.07
  • May 1, 2009, 03:56 AM
    satyanarayanara

    Party a/c dr 773000
    To sales 718890
    To Sales tax payable 54110
    (being sales tax collected on sales)
  • May 1, 2009, 06:35 PM
    woodpony22
    Quote:
    Originally Posted by satyanarayanara View Post
    Party a/c dr 773000
    To sales 718890
    To Sales tax payable 54110
    (being sales tax collected on sales)
    Your calculation doesn't proof. 7% of 718890 is 50322.30... not 54110. You just gave the gov and extra 3788 out of your pocket:confused:

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