A sale of merchandise on account for $6,400 is subject to a 7% sales tax. (a) Should

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A sale of merchandise on account for $6,400 is subject to a 7% sales tax.

(a) Should the sales tax be recorded at the time of sale or when payment is received?

(b) What is the amount of the sale?

(d) What is the title of the account in which the $448 ($6,400 x 7%) is recorded?

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Survey of Accounting

ISBN: 978-1133189121

6th edition

Authors: Carl S Warren

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Question Posted: Feb 04, 2014 07:41 AM

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A sale of merchandise on account for $6,400 is subject to a 7% sales tax. (a) Should

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Survey of Accounting

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