问答题
Sales (excluding sales tax) amounted to $2,500, and purchases (including sales tax) amounted to $1,800.
What is the balance on the sales tax account, assuming all items are subject to sales tax at 20%?
$______ Debit/Credit
【正确答案】
【答案解析】[考点] Recording transactions and events-Sales tax-Accounting for sales tax [难易度] 易 Output tax=2,500×20%=$500 Input tax=1,800÷(1+20%)×20%=$300 Tax paid=output tax-input tax=500-300=$200 Credit