Kramerica, Inc., sold 350 oil drums to Thompson Manufacturing for $75 each. In addition to the $75
Question:
a. Debit Accounts Receivable 28,438; credit Sales Revenue 28,438.
b. Debit Accounts Receivable 26,250; credit Sales Revenue 26,250.
c. Debit Accounts Receivable 28,438; credit Excise Taxes Payable (Federal) 350; credit Sales Taxes Payable (State) 1,838; credit Sales Revenue 26,250.
d. Debit Accounts Receivable 26,250; debit Taxes Expense 2,188; credit Excise Taxes Payable (Federal) 350; credit Sales Taxes Payable (State) 1,838; credit Sales Revenue 26,250. Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For 
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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