Question: Lister Digimatics sells 5 600 of merchandise with a cost of
Lister Digimatics sells $5,600 of merchandise (with a cost of $4,800) for cash on September 30. The sales tax law requires Lister to collect 13% harmonized sales tax on every dollar of merchandise sold. Record Lister’s entries for the $5,600 sale and applicable sales tax (assume a perpetual inventory system).
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