Question: Illustrate the effects on the accounts and financial statements of 76778

Illustrate the effects on the accounts and financial statements of recording the following selected transactions:
a. Sold $3,400 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $2,000.
b. Paid $41,950 to the state sales tax department for taxes collected.


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  • CreatedOctober 20, 2011
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