Herb sells office equipment for $1,000 cash. The applicable…
Herb sells office equipment for $1,000 cash. The applicable sales tax rate is 7%. Herb uses a periodic inventory system. Which of the following journal entries to record this sale is correct? Accounts Debit Credit A Equipment $1,070 Sales Revenue $1,000 Sales Tax Payable $70 B Cash $1,070 Sales Revenue $1,070 C Cash $1,070 Sales Tax Payable $1,070 D Cash $1,070 Sales Revenue $1,000 Sales Tax Payable $70