Journalize the entries to record the following selected transactions:n a. Sold $640,000 of merchandise on account, subject
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Question:
a. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000.n
b. Paid $61,750 to the state sales tax department for taxes collected.n
n
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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