Calculation of balance in Sales tax payable account |
|
Beginning balance |
$ 2,121.00 |
Added during the period (89781 x 4%) |
$ 3,591.24 |
Ending balance after adjusting entry |
$ 5,712.24 |
It is assumed that Sales revenue amount is exclusive of Sales tax.
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Alternate answer could be as follows
Calculation of balance in Sales tax payable account |
|
Beginning balance |
$ 2,121.00 |
Added during the period (89781/104 x 4 |
$ 3,453.12 |
Ending balance after adjusting entry |
$ 5,574.12 |
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